The principle that "More is better" results in indifference curves
A) sloping down.
B) not intersecting.
C) reflecting greater preferences the further they are from the origin.
D) All of the above.
D
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You are the sales manager for a software company and have been informed that the absolute value of the price elasticity of demand for your most popular software is less than 1. To increase total revenues from that product, you should
A. hold the price of the software constant. B. increase the supply of the software. C. increase the price of the software. D. decrease the price of the software.
Pluralistic ignorance exists when the members of a group believe one thing but mistakenly assume that most of the other members believe something else
Indicate whether the statement is true or false
Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X. A shift in the demand curve from D0 to D1 might be caused by a(n):
A. increase in the price of substitute product Y. B. decrease in income if X is an inferior good. C. increase in the price of complementary good Y. D. increase in money incomes if X is a normal good.
PriceQuantity Demanded$510$420$330$240$150Refer to the table above. Starting at a $1 price, at what price range does demand become elastic?
A. $4-5 B. $3-4 C. $1-2 D. $2-3