1) In some markets consumers may buy many different brands of a product

Subject:EconomicsPrice:3.87 Bought7

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1) In some markets consumers may buy many different brands of a product. Which of the statements below best represents a situation where demand for a particular brand would be very elastic?

A) "The different brands are almost identical. I always buy the cheapest."

B) "I use so little of that product that when I do buy it, I don't pay much attention to the price."

C) "The brand I buy is so superior to other available brands that I hardly consider the others."

D) "pinch pennies in buying other products, but like most people I feel I owe it to myself to get the best brand of this product."

2) Karen can make 2 jackets or 11 ties in one day working at the clothing factory. Joe can make 7 jackets or 35 ties in one day working at the clothing factory. What is Karen's opportunity cost of producing 1 jacket? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up.