The price of a good that Joe is currently consuming has increased.
A. Joe will experience increasing marginal utility.
B. Joe will experience a shift in the demand curve of the good whose price has increased.
C. Joe will stop consuming this good.
D. Joe has experienced a decrease in purchasing power.
Answer: D
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A good is non-rival in consumption if ________
A) one person's use of the good does not preclude consumption by others B) the government can regulate its production C) people cannot be prevented from using it D) the demand for the good increases with an increase in the consumer's income
The effect of trade on specialized employees of exporting industries will be ________ jobs and ________ pay because they are relatively ________
A) more; higher; immobile B) fewer; lower; immobile C) fewer; lower; mobile D) more; lower; immobile E) more; higher; mobile
The local cable TV company charges a "hook-up" fee of $30 per month. Customers can then watch programs on a "pay-per-view" basis (a fee is charged for every program watched). This is an example of
A) peak-load pricing. B) second-degree price discrimination. C) a two-part tariff. D) intertemporal price discrimination. E) none of the above
A Prisoners Dilemma illustrates the fact that
a. Rational choices can lead to inefficient outcomes b. Rational choices always leads to good outcomes c. Rational choices always lead to inefficient outcomes d. None of the above