Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. Kyle would increase his consumption of turkey sandwiches from 5 to 7 per week if their price fell from $8 to $6. This illustrates the idea of
A. technical efficiency.
B. the law of diminishing marginal utility.
C. consumer surplus.
D. cross-price elasticity of demand.
Answer: B
You might also like to view...
Among a set of alternatives with the same benefits, an individual is said to optimize if she chooses an alternative that:
A) has the lowest total cost. B) has the highest total cost. C) has the highest indirect cost. D) has the lowest opportunity cost.
Suppose a national government increased spending by $100 billion. The net effect on the banking system would be to:
a. Reduce bank reserves by $100 billion and reduce bank deposits by $100 billion. b. Increase bank reserves by $100 billion and increase bank deposits by $100 billion. c. Decrease government checking accounts in the banking system by $100 billion and increase the public's checking accounts there by $100 billion. d. Increase government checking accounts in the banking system by $100 billion and reduce the public's checking accounts there by $100 billion. e. Increase government checking accounts in the banking system by $100 billion and increase the public's checking accounts there by $100 billion.
What is monopolistic competition?
a. Many companies selling similar but not identical products. b. A very few companies selling identical products. c. One company sells several different products under different names. d. One company sells the identical product under different names.
How were unions affected by the Landrum-Griffen Act of 1959?
a. It established their right to bargain collectively. b. It ended labor unions among federal workers. c. It gave unions greater freedom to conduct union elections. d. It increased government oversight of finances.