Question 1

Consider a good whose consumption takes place publicly.Your decision to buy that good depends

Accepted Answer

A)  both on the characteristics of the product and on how many other people are buying the good. 
B)  only on the characteristics of the good. 
C)  only on how many other people buy the good. 
D)  only on the price of the good. 
A)  both on the characteristics of the product and on how many other people are buying the good. 
B)  only on the characteristics of the good. 
C)  only on how many other people buy the good. 
D)  only on the price of the good.

Question 2

If you received negative marginal utility from consuming the 4th slice of pizza,then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza.

Accepted Answer

A) True 
 B)False

Question 3

________ is an experiment that tests the significance of fairness in consumer decision making.

Accepted Answer

A)  The fairness challenge 
B)  The consumer choice paradigm 
C)  The ultimatum game 
D)  The Giffen paradox 
A)  The fairness challenge 
B)  The consumer choice paradigm 
C)  The ultimatum game 
D)  The Giffen paradox

Question 4

When there are few substitutes available for a good,demand tends to be relatively inelastic.

Accepted Answer

A) True 
 B)False

Consider a good whose consumption takes place publicly.Your decision to buy that good depends

If you received negative marginal utility from consuming the 4th slice of pizza,then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza.

________ is an experiment that tests the significance of fairness in consumer decision making.

When there are few substitutes available for a good,demand tends to be relatively inelastic.

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Demand and Supply

Market Efficiency and Market Failure

The Economics of Health Care

Firms, The Stock Market, and Corporate Governance

Technology,Production,and Costs

Firms in Perfectly Competitive Markets

Monopoly and Antitrust Policy

Monopolistic Competition and Oligopoly

GDP: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, The Financial System, and Business Cycles

Aggregate Demand and Aggregate Supply Analysis

Money,Banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Comparative Advantage, International Trade, and Exchange Rates

Filters

Exam 7: Consumer Choice and Elasticity

Consider a good whose consumption takes place publicly.Your decision to buy that good depends

If you received negative marginal utility from consuming the 4th slice of pizza,then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza.

________ is an experiment that tests the significance of fairness in consumer decision making.

When there are few substitutes available for a good,demand tends to be relatively inelastic.

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Demand and Supply

Market Efficiency and Market Failure

The Economics of Health Care

Firms, The Stock Market, and Corporate Governance

Technology,Production,and Costs

Firms in Perfectly Competitive Markets

Monopoly and Antitrust Policy

Monopolistic Competition and Oligopoly

GDP: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, The Financial System, and Business Cycles

Aggregate Demand and Aggregate Supply Analysis

Money,Banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Comparative Advantage, International Trade, and Exchange Rates

Filters