Multiple Choice
When the price of a commodity falls, we can expect
A) total utility will fall.
B) marginal utility of the last unit purchased will fall.
C) marginal utility of the last unit purchased will rise.
D) purchases will fall because of a change in marginal utility.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: The law of demand holds that as
Q5: For a _, if incomes rise and
Q6: Marginal utility is<br>A)the difference in price between
Q7: Figure 5-3 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 5-3
Q8: An increase in a family's income will
Q10: Because of diminishing marginal utility, total utility
Q11: Figure 5-14 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 5-14
Q12: Figure 5-8 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 5-8
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