If the price of a good increases, all else the same, then the consumer's total utility will
A) increase.
B) decrease.
C) remain the same as consumption shifts to cheaper goods.
D) decrease if there are no substitutes for the good and remain the same if there are substitutes for the good.
B
You might also like to view...
In the above table, the firm
A) must be in a perfectly competitive market because its marginal revenue is constant. B) must be in a perfectly competitive market because its marginal cost curve eventually rises. C) cannot be in a perfectly competitive market because its short-run economic profits are greater than zero. D) cannot be in a perfectly competitive market because its long-run economic profits are greater than zero.
Sue is taking an accounting job she was offered that pays $67,000 per year. She also had two other offers, a sales job paying $71,000 per year and a marketing job paying $65,000 per year. What is Sue's opportunity cost of taking the accounting job?
A) $65,000 B) $67,000 C) $71,000 D) $136,000
Universal servicemeans that one company provides service to all consumers, everywhere.
Answer the following statement true (T) or false (F)
In the short-run, following the opening of trade
A. groups tied to declining sectors of the economy will suffer from lower returns. B. workers will suffer from lower wages, but landowners will benefit from higher rents. C. workers in the country can change jobs but will receive the same wage. D. gross output remains constant.