Higher prices A) increase the marginal utility per dollar spent and cause consumers to buy more...
Higher prices
A) increase the marginal utility per dollar spent and cause consumers to buy more of a good.
B) increase the marginal utility per dollar spent and cause consumers to buy less of a good.
C) lower the marginal utility per dollar spent and cause consumers to buy less of a good.
D) lower the marginal utility per dollar spent and cause consumers to buy more of a good.
E) do not change the marginal utility per dollar.
Homework Answers
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Higher prices
A) increase the marginal utility per dollar spent and cause
consumers to buy more...
1. Which of the following statements best describes the law of diminishing marginal utility? Consumers will...
1. Which of the following statements best describes the law of diminishing marginal utility? Consumers will purchase more of a good at a lower price, ceteris paribus. Consumers maximize total utility when the marginal utility per dollar spent is equal for all goods consumed. Each successive unit of a good consumed yields less additional utility. Consumers behave rationally when the price of a good equals the marginal utility of the good. 2. Assume the price elasticity of demand for Nike...
24. Suppose that for Jason the marginal utility of $50-per-serving caviar is 100 and the marginal...
24. Suppose that for Jason the marginal utility of $50-per-serving caviar is 100 and the marginal utility of $1-per- serving popcorn is 10. For his snack, Jason should buy the caviar if he has the $50; otherwise the popcorn b. the caviar if he has the $50; otherwise nothing a. the popcorn, whether he has the $50 or not d. one serving each of the caviar and popcorn, if he has $51 five servings of popcorn for each serving of...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1)...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
when consumers are given more time to adjust to higher prices Ос. 50%. D. 2596. QUESTION...
when consumers are given more time to adjust to higher
prices
Ос. 50%. D. 2596. QUESTION 17 When consumers are given more time to adjust to higher prices: OA consumers have more choices from which to select B. consumers keep quantity demanded the same consumers have fewer choices from which to select. D demand becomes less elasti C. QUESTION 18 The demand curve for cigarettes is probably: A. elastic a perfect substitutable good unitary elastic
Pricier bread and cereal. Coming soon? Surging wheat and corn prices could hit the items in...
Pricier bread and cereal. Coming soon? Surging wheat and corn prices could hit the items in your grocery basket soon. Source: CNN Money, May 19, 2011 The rise in the price of food _______. A. shifts the budget line inward, and the new budget line is parallel to the original budget line B. does not change the budget line C. rotates the budget line outward D. rotates the budget line inward E. shifts the budget line outward, and the new...
1) The law of diminishing marginal benefit states that A) the willingness to pay for an...
1) The law of diminishing marginal benefit states that A) the willingness to pay for an additional unit declines as more of a good is consumed B) the demand for a commodity declines as its price increases C) the demand for a commodity is more dependent on income than on price D) lower levels of consumption give lower level of utility 2) The market demand is the ( ) of the individual demand of all the potential buyers A) square...
18. Carla purchased cupcakes and milk until the marginal utility per dollar spent was equal for...
18. Carla purchased cupcakes and milk until the marginal utility per dollar spent was equal for both goods. If the price of the cupcakes was $3 and the price of milk was $1.50, then: A) the marginal utility of cupcakes is two times the marginal utility of milk. B) the marginal utility of milk is two times the marginal utility of cupcakes. C) the marginal utility of both goods are equal. D) milk has a positive marginal utility, and cupcakes...
At an optimal interior basket, why must the marginal utility per dollar spent on all goods be the same?
At an optimal interior basket, why must the marginal utility per dollar spent on all goods be the same?
Text questions A tax is imposed per kg. of sugar that consumers buy. Which of the...
Text questions A tax is imposed per kg. of sugar that consumers buy. Which of the following statements is incorrect? Choose one: a. Consumer prices will be higher than before. b. Consumers carry the tax entirely alone. c. The demand curve will be offset to the left. d. The tax entails a loss of welfare. e. Manufacturers receive lower prices than before.
18. Carla purchased cupcakes and milk until the marginal utility per dollar spent was equal for both goods. If the pric...
18. Carla purchased cupcakes and milk until the marginal utility per dollar spent was equal for both goods. If the price of the cupcakes was $3 and the price of milk was $1.50, then: A) the marginal utility of cupcakes is two times the marginal utility of milk. B) the marginal utility of milk is two times the marginal utility of cupcakes. C) the marginal utility of both goods are equal. D) milk has a positive marginal utility, and cupcakes...
24. Suppose that for Jason the marginal utility of $50-per-serving caviar is 100 and the marginal utility of $1-per- serving popcorn is 10. For his snack, Jason should buy the caviar if he has the $50; otherwise the popcorn b. the caviar if he has the $50; otherwise nothing a. the popcorn, whether he has the $50 or not d. one serving each of the caviar and popcorn, if he has $51 five servings of popcorn for each serving of...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
when consumers are given more time to adjust to higher
prices
Ос. 50%. D. 2596. QUESTION 17 When consumers are given more time to adjust to higher prices: OA consumers have more choices from which to select B. consumers keep quantity demanded the same consumers have fewer choices from which to select. D demand becomes less elasti C. QUESTION 18 The demand curve for cigarettes is probably: A. elastic a perfect substitutable good unitary elastic
18. Carla purchased cupcakes and milk until the marginal utility per dollar spent was equal for both goods. If the price of the cupcakes was $3 and the price of milk was $1.50, then: A) the marginal utility of cupcakes is two times the marginal utility of milk. B) the marginal utility of milk is two times the marginal utility of cupcakes. C) the marginal utility of both goods are equal. D) milk has a positive marginal utility, and cupcakes...
Text questions A tax is imposed per kg. of sugar that consumers buy. Which of the following statements is incorrect? Choose one: a. Consumer prices will be higher than before. b. Consumers carry the tax entirely alone. c. The demand curve will be offset to the left. d. The tax entails a loss of welfare. e. Manufacturers receive lower prices than before.
18. Carla purchased cupcakes and milk until the marginal utility per dollar spent was equal for both goods. If the price of the cupcakes was $3 and the price of milk was $1.50, then: A) the marginal utility of cupcakes is two times the marginal utility of milk. B) the marginal utility of milk is two times the marginal utility of cupcakes. C) the marginal utility of both goods are equal. D) milk has a positive marginal utility, and cupcakes...
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