Multiple Choice
When a service, such as medical care, is provided free of charge,
A) most people consume an infinite amount of it
B) most people do not much care about getting good value for their money
C) people do not derive any consumer surplus from it
D) we say that the demand for it is perfectly elastic
E) we say that the demand for it is perfectly inelastic
Correct Answer:

Verified
Correct Answer:
Verified
Q99: Positive marginal utility implies increasing total utility.
Q100: When a consumer spends income so that
Q101: The cost of consumption has two components:<br>A)the
Q102: The law of diminishing marginal utility implies
Q103: A consumer maximizes utility when the marginal
Q105: Exhibit 6-17 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6784/.jpg" alt="Exhibit 6-17
Q106: What happens to consumer surplus as price
Q107: Exhibit 6-16 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6784/.jpg" alt="Exhibit 6-16
Q108: Consumer surplus is<br>A)the amount by which quantity
Q109: Exhibit 6-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6784/.jpg" alt="Exhibit 6-1