The accompanying figure shows a single consumer's demand for ice cream at the student union.
Fran is one of the students whose demand curve for ice cream is shown above. When price is $4.00, Fran demands ________ scoops a week, and when price is $2.00, Fran demand ________ scoops.
A. 2; 6
B. 2; 4
C. 1; 3
D. 2; 5
Answer: A
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Citizen voters are typically ignorant of many political issues because
A) information is not a good. B) information is only a free good. C) information is a scarce good. D) politicians have always conspired to keep voters misinformed.
A company that formerly produced music CDs went out of business because too many potential customers bought illegally-produced copies of the CDs instead of buying the product directly from the company. This instance serves as an example of
a. market power. b. inefficient trade. c. inadequate enforcement of property rights. d. the invisible hand at work.
Suppose demand increases and supply decreases. Which of the following will happen?
What will be an ideal response?
The term marginal utility denotes the amount by which ________ changes when consumption changes by ________ unit(s).
A. demand; 10 B. total utility; 10 C. total utility; 1 D. demand; 1