Do you think the price elasticity of demand for Ford sport-utility vehicles (SUVs) will increase, decrease or remain the same when each of the following events occurs? (State your answer andreason behind your answer for each event).
A) Other car manufactures, such as General Motors, decide to make and sell SUVs

B) SUVS produced in foreign countries are banned from the American market.

C) Due to ad campaigns Americans believe that SUVs are much safer than an ordinary passenger cars.

D) The time period over which you measured the elasticity lengthens. During that longer longer time, new models such as four-wheel-drive cargo appear.

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents