An increase in the relative price of a good cannot be caused by
A) an increase in the nominal price of the good that is greater than the increase in the nominal price of the other good.
B) a decrease in the nominal price of the good that is less than the decrease in the nominal price of the other good.
C) a decrease in the nominal price of the other good while the price of the good itself remains constant.
D) an increase in the nominal price of the other good while the price of the good itself remains constant.
D
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What will be an ideal response?
Total utility describes
A) the benefit gained from all consumption. B) an increase in consumption multiplied by the gain in utility. C) total consumption multiplied by marginal utility. D) total consumption divided by marginal utility.
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Answer the following statement true (T) or false (F)
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