Refer to Figure 10-1. When the price of hoagies increases from $5.00 to $5.75, quantity demanded decreases from Q1 to Q0. This change in quantity demanded is due to
A) the fact that marginal willingness to pay falls. B) the law of diminishing marginal utility.
C) the income and substitution effects. D) the price and output effects.
C
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Scarcity
a. necessitates choice among consumer goods. b. of income renders purchase decisions interdependent. c. affects all consumer decisions. d. may involve forgoing the pleasure of one good in order to enjoy another. e. All of the above answers are correct.
Which of the following are among the effects of exposure to SO2 and NOX?
a. visibility impairment c. forest damage b. acidification of surface waters d. all of the above
Which of the following statements is true?
A. Focusing on incremental costs is a bad idea for managers. B. Fixed cost is the same thing as variable cost. C. Costs look the same from all perspectives. D. Incremental cost is the same thing as marginal cost.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.