A. Shift demand for an inferior product outward
B. shift demand for an inferior product inward
C. shift supply for an inferior product outward
D. Shift supply for an inferior product inward
A. Utility is at a maximum with the first unit
B. Increasing units of consumption increase the marginal utility
C. Marginal product will fall as more units are consumed
D. Total utility will rise at a falling rate as more units are consumed
A. Will cause an inward shift of demand
B. Will cause an outward shift of supply
C. May be caused by a fall in demand
D. Leads to a higher level of production
A. Quantity setting
B. price fixing
C. price rationing
D. quantity adjustment.
A. normal goods
B. unrelated goods
C. Substitutes.
D. Complements
A. elastic
B. perfectly elastic
C. unitarily elastic
D. inelastic.
A. zero elastic
B. elastic
C. perfectly elastic
D. inelastic
A. a decrease in supply.
B. a rise in income
C. a fall in the number of substitute goods
D. a rise in the price of inputs
A. increase price but not output
B. increase output but not price
C. increase output and price
D. decrease output and price
A. price to fall
B. quantity supplied to decrease.
C. price to rise
D. quantity demanded to increase