When the price of a commodity falls, we can expect
a. total utility will fall.
b. marginal utility of the last unit purchased will fall.
c. marginal utility of the last unit purchased will rise.
d. purchases will fall because of a change in marginal utility.
b
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Each of the following is an example of an economic resource except
A. land. B. money. C. capital. D. labor.
A nation will import a good if its no-trade, domestic
A) price is equal to the world price. B) price is less than the world price. C) price is greater than the world price. D) quantity is less than the world quantity. E) quantity is greater than the world quantity.
How did the gold standard help countries rectify the balance of payment problem? What were the problems associated with the gold standard?
What will be an ideal response?
In 2014, the price of peanuts increased. In the market for peanut butter, this change led to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter
A) a decrease in the supply; increased; decreased B) an increase in supply; decreased; increased C) a decrease in demand; decreased; decreased D) an increase in demand; increased; increased