Emma consumes only tacos and pizza. They are substitute goods for her. The price of a taco falls. Emma will buy ________ tacos and her marginal utility from the last slice of pizza she eats ________
A) more; does not change
B) more; decreases
C) the same quantity; does not change
D) less; increases
B
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A firm's fundamental goal is
A) different for each firm. B) to make a quality product. C) to maximize profit. D) to gain market share. E) to decrease its employment of workers in order to cut its costs.
Refer to the above figure. The long-run average cost curve and the long-run marginal cost curves represent
A) the cost curves for a competitive firm. B) the cost curves for a natural monopoly. C) a situation where a firm has control over the raw materials. D) a situation where a firm has a patent.
If the Fed moves the economy upward along the short-run Phillips curve from an initial inflationary equilibrium, what is happening?
a. Unemployment is rising above the natural rate, output is decreasing, and inflation is decreasing. b. Unemployment is falling below the natural rate, output is decreasing, and inflation is increasing. c. Unemployment is rising above the natural rate, output is increasing, and inflation is decreasing. d. Unemployment is falling below the natural rate, output is increasing, and inflation is increasing. e. Unemployment is falling below the natural rate, output is increasing, and inflation is decreasing.
The textbook argues that one of the trade-offs workers make is working for a small company or a large company. The small companies offer:
A.benefits that appeal to the workers that do not include job security or career advancement. B. job security but limited potential for advancement. C. both job security and ample potential for advancement. D. more potential for advancement but limited job security.