When a falloff in usage of a product by some consumers causes others to stop purchasing the item there is
A) a dominant effect.
B) a negative-sum game.
C) positive market feedback.
D) negative market feedback.
Answer: D
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All of the following will affect the position of the demand curve EXCEPT
A) income. B) taste and preference. C) changes in expectations of future relative prices. D) prices of resources used to produce the product.
Which of the following is one of the basic questions used by economists to break down problems?
A. What are the wants and constraints of those involved? B. How will individuals feel about the change? C. Why has the market failed? D. Economists don't ask any of these questions.
Which of the following is not a condition required for a monopolist to price discriminate?
a. the demand curve facing the firm must be downward-sloping b. the firm must exhibit strong economies of scale c. there must be different groups of buyers with different price elasticities of demand d. the firm must be able to prevent reselling of the product e. the firm must have some market power
At her current level of consumption, Jess gets half as much marginal utility from an additional bagel as from an additional muffin. If the price of muffin is $2 each, then Jess is maximizing her utility if the price of a bagel is:
A. $2.00 B. $1.00 C. $1.50 D. $4.00