Suppose that books are measured on the horizontal axis and CDs are measured on the vertical axis. As long as the law of demand holds for books, than an increase in the price of books will generate a price-consumption curve that traces a path:
A. to the left.
B. to the right.
C. upward.
D. downward.
B. to the right.
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Explain how it is possible for marginal utility to fall while total utility is still on the rise?
What will be an ideal response?
___________ is the act of selecting among alternatives
a. Choice b. Risk c. Opportunity d. Fatalism
One reason we use paper money instead of gold coins in the Unites States today is because it:
A. is more convenient. B. has no intrinsic value. C. is easier to control its worth. D. has a more stable value.
A main cause of the cost disease of personal services is
a. the change from an agrarian to an industrial society. b. labor-saving innovations in the service industries. c. the unevenness in growth of productivity in the economy. d. massive increases in industrial production at the expense of consumer goods production.