_____ is the change in total utility that occurs because one more unit of a good is consumed or acquired
a. Total utility
b. Marginal utility
c. Disutility
d. Diminishing marginal utility
e. Expected utility
b
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Let D= demand, S = supply, P = equilibrium price, and Q= equilibrium quantity
What happens in the market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half cup of walnuts each week helps to lower levels of bad cholesterol? A) S increases, D no change, P decreases, Q increases. B) D increases, S no change, P and Q increase. C) D no change, S increases, P decreases, Q decreases. D) D and S increase, P and Q decrease.
As one moves down a straight-line demand curve away from the vertical axis, demand becomes less elastic and then inelastic
a. True b. False Indicate whether the statement is true or false
Product differentiation causes the seller of a good to face what type of demand curve?
a. downward sloping b. vertical c. horizontal d. Any of the above could be correct since product differentiation does not affect the shape of the demand curve.
An automobile insurance company on average charges a premium that:
A. equals 1/(expected loss) of each driver. B. is greater than the expected loss from each driver. C. is less than the expected loss from each driver. D. equals the expected loss from each driver.