18.) Suppose you earn $2,000 per month. You spend about $200 per month on food and $1000 per month on rental apartment housing. Ceteris paribus, which of the following can we infer with respect to elasticity. A. The price elasticity of demand for both food and apartments is elastic B. The price elasticity of demand for both food and apartments is inelastic C. The price elasticity of demand for food is more elastic than apartments D. The price elasticity of demand for food is less elastic than apartments E. We cannot infer anything because it all depends on what is necessity wand what is a luxury good 19.) Rational ignorance implies: A. People are stupid B. People lack civic pride C. Information is a free good D. Information is a non-economic good E. None of the aboveare true 20.) Which of the following is an implication of the perfect price competition model in long-run general equilibrium. A. The market will be allocation inefficient B. The market will produce goods at maximum possible costs + /files/exam-hg83s43b2k/ Final for ECON 103 with Professor Rustici at GMU: Koofers C. The gains from trade are unexhausted D. No firms earns economic profit E. Advertisers supply information about price 21.) What is not true with respect to values and prices? A. Values are ordinarily ranked B. Values of sunk costs do not affect market prices C. Values are marginal D. Values are subjective E. Values are equal for trade