If the price of product X increases, then the resulting decline in the amount purchased will
A. reduce the marginal utility of the last unit consumed of this good.
B. increase the marginal utility of the last unit consumed of this good.
C. necessarily increase the consumer's total utility from his total purchases.
D. increase the total utility from purchases of this good.
Answer: B
You might also like to view...
If real income rises faster than absorption during a time of economic expansion, then
A) the nation will experience a current account surplus. B) the nation will experience a current account deficit. C) national production will increase until absorption and income are balanced. D) the nation's imports must rise relative to its exports.
When the WTO met in Seattle to initiate a further move towards free international trade, thousands of activists met
A) in order to promote the WTO's goals of "Trade-not Aid." B) in order to laud the WTO policy orientation which would bust local monopolies and therefore help ordinary relatively poor consumers everywhere. C) in order to laud the WTO policy of disallowing government sweetheart deals, which typically meant that corrupt governments subsidized their in-laws' conglomerates on the backs of poor taxpayers. D) in order to support the WTO efforts of bringing about a universal shift of resources in poor countries to higher efficiency and productivity uses, which would raise the real incomes of everyone. E) in order to protest WTO free trade policies that they believed hurt workers.
The longer the time period considered, the greater the mobility within an income distribution
a. True b. False Indicate whether the statement is true or false
Exit from a market will occur if economic profits are zero
Indicate whether the statement is true or false