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Chapter 21: Consumer Behavior and Utility Maximization ...
Chapter 21: Consumer Behavior and Utility Maximization Extra Multiple Choice Questions for Review 1. When the price of a product falls for a normal good, the: A) income and substitution effects will encourage consumers to purchase more of the product. B) income and substitution effects will encourage consumers to purchase less of the product.
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Study Questions for Chapter 9 - UCL
www.cserge.ucl.ac.ukChances are that most of us would answer that our income is the basic determinant of our levels of spending and saving, but a few may have low …
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www.cserge.ucl.ac.ukprice. (b) See graph. (c) The firm’s demand curve is perfectly elastic; MR is constant and equal to P. (d) Yes. Table: When output (quantity demanded) increases by 1 unit, total revenue increases by $2. This $2 increase is the marginal revenue. Figure: The change in TR is measured by the slope of the TR line, 2 (= $2/1 unit).
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www.cserge.ucl.ac.ukThe reason the marginal cost curve eventually increases as output increases for the typical firm is because: A) of diseconomies of scale. B) of minimum efficient scale. C) of the law of diminishing returns. D) normal profit exceeds economic profit. 17. If the short-run average variable costs of production for a firm are rising, then this
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