Marginal utility theory shows us that water, which is very common, has a ________ marginal utility and a ________ total utility
A) small; large
B) large; small
C) large; large
D) small; small
A
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If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly inelastic. d. perfectly elastic.
The classical economists espoused
A. the crude version of the quantity theory of money. B. the sophisticated version of the quantity theory of money. C. both the crude and sophisticated quantity theories of money. D. neither the crude nor sophisticated quantity theories of money.
A labor union is a group of workers and business owners who join together to improve working conditions
a. True b. False