The term marginal utility denotes the amount by which__ changes when consumption changes by____ unit(s)()
A. total utility; 1
B. demand; 10
C. demand; 1
D. total utility; 10
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During Thanksgiving you participated in a pumpkinpie eating contest. You really enjoyed the first two pies, the third one was okay, but as soon as you ate the fourth one you became ill and lost the c
A. increased
B. decreased
C. stayed the same
D. first increased than decreased
If the crossprice elasticity of demand between lettuce and salad dressing is negative, then when the price of lettuce rises, the demand for salad dressing will ______()
A. increase
B. decrease
C. remain the same
D. become more inelastic
The Scarcity Principle states that()
A. people don’t have enough money to buy what they want
B. society will eventually run out of resources
C. with limited resources, having more of one thing means having less of another
D. some countries have fewer resources than others
Which of the following is likely to have the highest price elasticity of demand()
A. shoes
B. running shoes
C. Nike running shoes
D. The price elasticity of demand will be the same for all of the answers listed