Suppose that the price of telephones decreases. If more are purchased then:
A. the total utility of telephones will decrease.
B. the total utility of telephones will be unchanged.
C. the marginal utility of telephones will likely increase.
D. the marginal utility of telephones will likely decrease.
Answer: D
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If nominal GDP is $2,000 billion and the GDP price index is 120, then real GDP is ________ billion
A) $2,000 B) $1,667 C) $16.67 D) $240 E) $6
The simple model of competition among political parties long used by political scientists tends to lead to the practical solution of selecting the
A) optimal tariff. B) prohibitive tariff. C) zero (free-trade) tariff. D) the tariff rate favored by the median voter. E) the tariff rate supported by exporters.
Economic growth is:
A. about the quality of life for all sectors of society. B. an indicator of individual poverty. C. a measurement of available resources. D. the measure of changes in real GDP.
When the production possibilities curve is a straight line, the opportunity cost of producing more of one good must be equal to the opportunity costs of producing more of the other good
Indicate whether the statement is true or false