When the quantity of coal is measured in kilograms instead of pounds, the demand for coal becomes
A) more elastic.
B) less elastic.
C) neither more nor less elastic.
D) undefined.
C
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Scarcity guarantees that
A) demands will exceed wants. B) wants will exceed demands. C) demands will be equal to wants. D) most demands will be satisfied.
If the marginal utility Ida Mae receives from eating chicken wings is negative then
A) her total utility from eating chicken wings has fallen. B) Ida Mae definitely does not like chicken wings. C) her total utility has risen, but by less from the last chicken wing than from the next to last chicken wing. D) her total utility from eating chicken wings is negative as well.
If 20 smoothies are sold at a market price of $5.50 each, then
a. there must not be an excess supply of smoothies b. selling the 21st smoothie would be a Pareto improvement c. the market must be perfectly competitive d. the value to some individual of the 20th smoothie is $5.50 e. there must be an excess demand for smoothies
When there are fewer substitutes available for a good, _____
a. the demand for the good is unit elastic b. the supply of the good is perfectly elastic c. buyers pay less of the tax than the sellers d. sellers pass more of the tax burden to the buyers