Econ chapter 3
which economist developed the principle of diminishing marginal utility
William Jevons
which of the following will not cause a shift in the demand curve
a change in the price of a good
a shift of a demand curve
change in demand
the act of buying
demand
a graphic representation of the law of demand
demand curve
the law of demand states that as the _ of a good rises, other things being held constant, the _ will fall
price, quantity demanded
which of the following is not one of the three functions of price
to increase utility
travel on a city bus
inferior good
assume that the portable radios and batteries are complementary goods. a severe shortage in one of the main battery components has caused the price of batteries to rise from $2 per package to $2000 per package. what will happen to the demand for portable radios?
it will decrease
assume that going out to dinner at a nice restaurant is a normal good. what will happen to your demand curve for this good if your income rises
it will shift to the right
satisfaction gained by one or more unit of input
marginal utility
something that a person purchases more of as his income rises
normal good
chicken or beef
substitute good
