Suppose Smith wants one iPhone no matter what the price is between $0 and $350, Jones wants one iPhone no matter what the price is between $0 and $200, and Griffith wants one iPhone no matter what the price is between $0 and $450. In this case, each individual buyer's demand curve will be __________________ and the market demand curve will be __________________
A) downward sloping; vertical
B) vertical; downward sloping
C) vertical; vertical
D) downward sloping; downward sloping
B
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Suppose recent and widely circulated medical article reports new benefits of cycling exercise. Simultaneously, the price of the parts needed to make bikes falls. If the change in supply is greater than the change in demand, the price will _________ and the quantity will _________
a. Rise, rise b. Rise, fall c. Fall, rise d. Fall, fall
Which of the following statements is true about the total utility provided by a good?
a. Total utility can never be negative. b. Total utility is maximized when marginal utility is maximized. c. Total utility continues to increase as more of the good is consumed. d. Total utility is maximized when marginal utility is zero (for total utility > 0). e. Total utility is maximized when marginal utility is zero (for total utility < 0).
A progressive income tax means the percentage of income paid in taxes decreases as income increases
a. True b. False Indicate whether the statement is true or false
Use the following table to answer the next question.YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $5,320 billion B. $4,911 billion C. $4,820 billion D. $4,875 billion