Question 11 ptsWhich statement best illustrates the concept of diminishing marginal utility?Which statement best illustrates the concept of diminishing marginal utility? If the price of hamburgers dec

Which statement best illustrates the concept of diminishing marginal utility?

If the price of hamburgers declines, there will be a change in consumer tastes in favor of hamburgers.A typical consumer will receive less satisfaction from consuming hamburgers than from consuming pork.A typical consumer will receive less satisfaction from consuming the fourth hamburger per week than the third hamburger per week.A decrease in the price of hamburgers will cause consumers to buy more hamburgers because they have, in effect, received an increase in income   Flag this QuestionQuestion 21 ptsThe case for the law of demand can best be argued on the basis of;

The case for the law of demand can best be argued on the basis of;

supplythe invisible handdiminishing marginal utilitythe rationing function of price   Flag this QuestionQuestion 31 ptsA point on a demand curve indicates;

A point on a demand curve indicates;

the ratio of the selling price to the buying pricea particular price and the corresponding quantity demanded by consumersa combination of two consumer goods which buyers will choose at a given pricea situation where the buying and selling decision of consumers and producers are consistent   Flag this QuestionQuestion 41 ptsThe horizontal axis of a graph which shows a market demand curve indicates the;

The horizontal axis of a graph which shows a market demand curve indicates the;

prices at which various levels of output can be soldnumber of consumers who are in the market for this productvarious quantities of output at which the market will be clearedquantities which consumers will be willing and able to buy at various prices   Flag this QuestionQuestion 51 ptsWhich will NOT cause a change in the demand for Product A?

Which will NOT cause a change in the demand for Product A?

a change in consumer preferencesa change in the price of Product Aa decline in consumer incomesa decrease in the price of close substitute Product B   Flag this QuestionQuestion 61 ptsA normal good is one

A normal good is one

which all people likewhich all normal people likefor which demand increases when prices decreasefor which demand increases when incomes increase   Flag this QuestionQuestion 71 ptsWhich good would usually be an inferior good?

Which good would usually be an inferior good?

French winesgeneric beerstheater ticketssteak   Flag this QuestionQuestion 81 ptsIf product Y is an inferior good, and increase in consumer incomes will;

If product Y is an inferior good, and increase in consumer incomes will;

result in a surplus for product Ynot affect the sales of Product Yshift the demand curve for Product Y to the leftshift the demand curve for product Y to the right   Flag this QuestionQuestion 91 ptsCapitalism is an economic system that;

Capitalism is an economic system that;

produces more capital goods than consumer goodsproduces more consumer goods than capital goodsgives the government the right to tax individuals and corporationsgives private individuals and corporations the right to own productive resources   Flag this QuestionQuestion 101 ptsThe price elasticity of demand is a measure of the;

The price elasticity of demand is a measure of the;

steepness or slope of the demand curveabsolute changes in quantity demanded and priceresponsiveness of quantity demanded to a change in pricesensitivity of the quantity demanded for one good to a change in the price of another good   Flag this QuestionQuestion 111 ptsIf the price elasticity of demand for a good is 0.75, the demand for the good can be described as;

If the price elasticity of demand for a good is 0.75, the demand for the good can be described as;

normalelasticinferiorinelastic   Flag this QuestionQuestion 121 ptsWhen the price of a product is increased 10% and the quantity demanded decreases 15%, the product is considered;

When the price of a product is increased 10% and the quantity demanded decreases 15%, the product is considered;

elasticinelasticcross elasticunitary elastic   Flag this QuestionQuestion 131 ptsIf the price elasticity of demand for a product is equal to 0.50, than a 10% decrease in price will;

If the price elasticity of demand for a product is equal to 0.50, than a 10% decrease in price will;

increase quantity demanded by 5%decrease quantity demanded by 5%increase demand by 5%decrease demand by 5%   Flag this QuestionQuestion 141 ptsThe satisfaction, or pleasure, one gets from consuming a good or service is;

The satisfaction, or pleasure, one gets from consuming a good or service is;

priceutilityconsumptionpreferences   Flag this Question