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Question: Why does quantity supplied go up as
a)For a given time period, the
b)Because as price rises, producer profit rises, which induces producers to supply a larger quantitiy.
c)Because people substitute lower-priced goods for higher-priced goods as price rises.
d)Both (a) and (b) above
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- Suppose income increases. then Question 10 options: a) demand increases for all goods b) supply increases for all goods c) demand increases for normal goods and decreases for inferior goods d) all of the above depending upon the circumstanceQuestion 7 Suppose that a decrease in the price of good X results in fewer units of good Y being demanded. This implies that X and Y are Group of answer choices inferior goods. normal goods. complementary goods. substitute goods.Question 20 The diamond-water paradox arises because: the marginal utility of certain products increases, rather than diminishes. essential goods may be cheap while nonessential goods may be expensive. we sometimes fail to use money as a standard of value. essential goods are always higher priced than nonessential goods.
- Q1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good.(b) how much satisfaction or benefit we get from consuming the good.(c) how much it costs to buy the good.(d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumedbecause:(a) supply slopes upwards.(b) consumers are constrained by income.(c) of the law of diminishing marginal utility.(d) prices move with demand.Help in deciding the correction answer 1. The Law of diminishing marginal utility explains why a. most individual demand curves are straight lines. b. the consumer;s optimal purchase is at the tangency of an indiffernce curve and the budget line. c. most individual demand curves slope downward d. marginal utility falls when total utility falls 2. when a firm's price cut produces a smaller than proportional increase in quantity demanded, the demand for its product is a. elastic b. inelastic c. of unit elasticity d. straight elastic 3. A good will tend to be more price elastic if it a. luxury good b. no close substitutes c. small part of the household budget d. is a necessityMULTIPLE CHOICE (identify the one best answer below and explain your reasoning for eachoption): If the economy experiences a boom and incomes rise substantially, what happens in themarkets for both normal and inferior goods?a. In both markets, prices fall, quantities rise.b. In both markets, prices and quantities both fall.c. In both markets, prices rise, quantities fall.d. In one market both prices and quantities rise, in the other both prices and quantities fall.e. None of the above.
- Consider the market for lattes. If consumers view cappuccinos and lattes as substitutes, what would happen to the equilibrium price and quantity of lattes if the price of cappuccinos decreases? Group of answer choices Both the equilibrium price and quantity would increase. Both the equilibrium price and quantity would decrease. The equilibrium price would increase, and the equilibrium quantity would decrease. The equilibrium price would decrease, and the equilibrium quantity would increase.This module considers important concepts in economics: Total Utility, Marginal Utility, Diminishing Marginal Utility, and Utility Maximization within a budget constraint. These tools can be applied to personal decision making, particularly the consumption choices we make. Microeconomics often considers rational optimizing behavior by individuals, including consumers. Use the Law of Diminishing Marginal Utility to discuss why Market Demand has to have a downward slope. In other words, in order for consumers to demand a higher quantity of an item, its price must fall. Also use the Law of Diminishing Marginal Utility to explain why consumers often prefer to purchase a variety of goods and services (in other words, we are unlikely to fill a grocery cart with many units of the exact same product). Finally, use the utility optimizing condition that the ratio of Marginal Utility to Price for any good has to be the same across all goods to justify why it may be rational behavior to buy an…If two goods are substitutes, what happens if there is a decrease in the price of one good? Question 20 options: It increases the quantity demanded of the other good. It reduces the quantity demanded of the other good. It increases the demand for the other good. It reduces the demand for the other good.
- Question 25 When the expected future price of a good rises, consumers decrease their willingness to buy, or "draw down." consumers increase their willingness to buy, or "stock up." sellers increase their willingness to sell. sellers' willingness to sell remains unchanged.In the bread market, Maria buys different amounts of bread conditional on whether the price is $2, $5, or $7 a loaf. To generate Maria’s demand curve for bread, what other set of information do we need? Group of answer choices: whether her bread consumption goes up or down with price how much bread she buys in total how much bread she buys at each price point whether or not she switches to a substitute when the price is highQuestion 25 When the expected future price of a good rises, a) consumers decrease their willingness to buy, or "draw down." b)consumers increase their willingness to buy, or "stock up." c) sellers increase their willingness to sell. d) sellers' willingness to sell remains unchanged.
