1-Which of the following products comes closest to having a perfectly price inelastic demand? * a. bus rides b. iPhones c. gasoline 2-Law of diminishing marginal utility is accurately described as: * a. The satisfaction of consuming a good will increases as the amount consumed increases b. The additional satisfaction of consuming a good will decrease as the amount consumed increases c. The additional satisfaction of consuming a good will increase as the amount consumed increases d. The additional satisfaction only depends on the price of the good. d. cholesterol medication in general 3-Marginal utility is the: * a. average satisfaction received from consuming a product b. total satisfaction received from consuming a given number of units of a product c. extra satisfaction received from consuming one more unit of a product d. satisfaction achieved when a consumer has had enough of a product 4-The quantity demanded goes down as price goes up because: * a. people substitute lower priced goods for higher priced goods b. law of diminishing marginal utility c. both a and b d. none of the above

1-Which of the following products comes closest to having a perfectly price inelastic demand? * a. bus rides b. iPhones c. gasoline 2-Law of diminishing marginal utility is accurately described as: * a. The satisfaction of consuming a good will increases as the amount consumed increases b. The additional satisfaction of consuming a good will decrease as the amount consumed increases c. The additional satisfaction of consuming a good will increase as the amount consumed increases d. The additional satisfaction only depends on the price of the good. d. cholesterol medication in general 3-Marginal utility is the: * a. average satisfaction received from consuming a product b. total satisfaction received from consuming a given number of units of a product c. extra satisfaction received from consuming one more unit of a product d. satisfaction achieved when a consumer has had enough of a product 4-The quantity demanded goes down as price goes up because: * a. people substitute lower priced goods for higher priced goods b. law of diminishing marginal utility c. both a and b d. none of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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