A higher price for a good implies that
A. the sacrifice of utility of another good has increased.
B. the marginal utility of another good has decreased.
C. the total value of the good to the consumer has increased.
D. the marginal utility of the good has declined.
Answer: A
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Currency traders expect the value of the dollar to fall. What effect will this have on the demand for dollars and the supply of dollars in the foreign exchange market?
A) Demand for dollars will increase, and supply of dollars will decrease. B) Demand for dollars will increase, and supply of dollars will increase. C) Demand for dollars will decrease, and supply of dollars will increase. D) Demand for dollars will decrease, and supply of dollars will decrease.
For decision-making purposes, fixed costs incurred by a firm with market power are
A. not taken into consideration. B. the same as opportunity costs of production. C. the same as variable costs. D. the same as marginal costs.
The following table shows the percentage of income received by quintile. In the graph below, draw a Lorenz curve using the before taxes and transfer data and a Lorenz curve for the after taxes and transfer data. Label the Lorenz curves and each axis of
the graph.
Exit of a firm refers to:
A) a short-run decision by a firm to not produce anything. B) a long-run decision by a firm to leave the market. C) a refusal to work organized by a group of employees at the firm. D) an exclusion of employees of a firm from their place of work until certain terms are agreed upon by them.