In an extreme hypothetical instance in which the price change of a good elicited no change in quantity demanded, we would say that the item is
A) perfectly elastic.
B) perfectly inelastic.
C) infinitely elastic.
D) unitary elastic.
B
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Marginal utility is the
a. overall satisfaction obtained from consuming a good b. additional satisfaction obtained from consuming one more unit of a good c. average satisfaction obtained from consuming a good d. the change in satisfaction obtained from consuming 1 percent more of a good e. additional cost of one more unit of a good
When the consumption of one good does not preclude another person from consuming the same good, then there is __________ in the consumption of the good
a. nonrivalry b. rivalry c. exclusivity d. nonexclusivity e. merit
Economic theory suggests that the standard of living of American workers would rise if:
a. the minimum wage were doubled. b. the knowledge and skills of workers improved. c. older workers were forced to retire earlier, opening up jobs for younger workers. d. people bought only American products.
The opportunity cost of studying for an economics test is
A. Zero because you knew when you registered for the class that studying would be required. B. Negative because it may improve your grade. C. The money you spent on tuition for the class. D. The activity that is the best alternative use of your time.