Microeconomics- Module 1-3
In Example 2, Corey's cost of continuing watching the movie is _____.
$8
Refer to Figure 4 in the text. What is the price elasticity of demand for oranges between points a and b?
-1.67
In the scenario above, what is the absolute value of the price elasticity of demand for your sandwiches?
1.87
Bob's demand for potatoes is unitary elastic, so when the price of potatoes falls by 10%, his quantity of potatoes demanded increases by _____%.
10.0
How many hours per day should Viola devote to giving piano lessons?
4
In Example 2, Luke's true cost of a year in college is $_____.
47500.0
Which of the following best describes the fundamental economic problem?
Because of scarcity, we must choose which wants to satisfy and which to give up.
In economics, which of the following are called marginal costs? (Check all that apply.)
a- An hour of sleep a student is giving up to study d- A car maker's cost of producing one more car
Which of the following disciplines does economics intersect? (Check all that apply.)
a- Business c- Law d- Health and Medicine e- Engineering
Which of the following events will shift the demand curve in the market for gasoline? (Check all that apply.)
a- Consumer income falls. c- The price of ethanol (a substitute for gasoline) rises.
In Example 1, which of the following are the concert hall's opportunity costs? (Check all that apply.)
a- Electricity e- Janitorial services
Which of the following statements about the price elasticity of supply are true? (Check all that apply.)
a- It is positive unless the supply is perfectly inelastic. c- It shows the percentage change in quantity supplied in response to a one percent change in price.
Which of the following are among the top ten jobs for graduates with an economics degree? (Check all that apply.)
a- Market research analyst c- Compensation and benefits manager d- Lawyer
Which of the following statements are true? (Check all that apply.)
a- Quantity demanded is not always the quantity bought. d- Demand is not the same as a want or a need.
Which of the following statements are true? (Check all that apply.)
a- Supply and quantity supplied are two different concepts. d- Supply is not about what sellers have in stock.
Which of the following are common misconceptions about economics mentioned in the "Career in economics..." video? (Check all that apply.)
a- The business discipline that is closest to economics is accounting d- Economists know exactly which stocks to invest in to get the highest returns.
Which of the following are economic choices? (Check all that apply.)
a- Tracy decides to study tonight instead of going to a party. b- Bill leaves his job to open his own business. c- Liz decides to major in economics. e- A restaurant owner hires more waiters.
Which of the following questions can be and should be examined using methods and tools of economics? (Check all that apply.)
a- Why do people do what they do? b- How to reduce the number of deaths from COVID-19? d- What is currently happening to the global supply chain? f- How to improve people's lives?
Which of the following are markets? (Check all that apply.)
a- eBay b- Walmart d- An auto dealership e- New York Stock Exchange
Being able to apply the methods and tools of economics makes you a more effective _____.
a- marketing manager b- supply chain manager c- financial manager d- information system manager
During the Great Recessions, when median household income fell, the demand for canned food increased. This means canned food is _____.
an inferior good
Sunk costs _____ opportunity costs, so they _____ be taken into account when making decisions.
are not; should not
Which of the following elasticity estimates signify that the demand is inelastic? (Check all that apply.)
a− 0.8 c− 0.05
In Example 1, which of the following are sunk costs? (Check all that apply.)
b- Bank loan repayment d- Building insurance e- Property taxes
According to the NACE survey, which of the following are among the top four attributes that employers want to see on students' résumés? (Check all that apply.)
b- Problem-solving skills c- Strong work ethic d- Quantitative skills
In economics, which of the following are called marginal benefits? (Check all that apply.)
b- The knowledge that a student receives from studying for one more hour d- The revenue that a restaurant earns as a result of staying open for one more hour
Suppose the price of oil falls. Which of the following will happen in the market for gasoline? (Check all that apply.)
b- The quantity of gas sold will increase along the demand curve. c- The supply curve will shift.
When measuring price elasticity of demand, we must _____. (Check all that apply.)
b- hold constant all other factors that influence buyers' decisions c- compare percentage changes rather than unit changes in prices and quantities
The cost-benefit analysis rule states that if the _____ of taking an action exceeds the _____, you should take the action.
benefit; opportunity cost of it
Which of the following will cause a leftward shift in the current demand curve for TVs (a normal good)? (Check all that apply.)
c- Cable TV companies raise their subscription rates. d- Consumers hear that the price of TVs is likely to fall next month.
When more people become environmentally conscious, the _____ curve for gasoline shifts _____.
demand; leftward
In Example 2, Corey should _____.
forget about the money he paid for the movie and leave
Economics majors' mid-career salary is the _____ among business majors.
highest
To accurately measure the effect of price on quantity demanded, we must _____.
hold all other relevant factors constant
Refer to Example 1 in the text. In that scenario, if the income elasticity of demand for ice cream was 0.8, you would need to (increase/decrease) your purchases of ice cream from suppliers by ____ %.
increase 4.0
The demand for pencils is likely to be _____ elastic than the demand for cars because pencils _____.
less; account for a smaller proportion of consumers' budgets than cars do
The demand for gasoline is likely to be _____ elastic than the demand for exotic vacations because gasoline is a _____, while an exotic vacation is a _____.
less; necessity; luxury
When the price of orange juice falls due to increased supply of orange juice, the demand curve for orange juice _____.
remains unchanged
Over the period from June 2014 to January 2016, the supply curve in the world market for oil shifted _____.
rightward due to both growth of oil production in the United States and OPEC's decision to allow its members to produce more oil
A positive cross-price elasticity of demand indicates that the two goods are _____.
substitutes
When sellers expect the price of desktop computers to fall next year, the _____ desktop computers this year _____.
supply of; increases
The law of demand states that when _____, the quantity of the good demanded decreases.
the price of a good rises
In the scenario above, Sony's cost of discontinuing the project is _____ billion yen.
9.0
Refer to Example 3 in the text. By what percentage would you need to lower the price of sandwiches to sell 15% more sodas?
9.4
A gas station that has sold 400 gallons of gas at $2.40 per gallon has received a total revenue of $_____.
960.0
Refer to Example 3 in the text. If in October, the median price for single-family homes was $270,000 and 110 homes were sold, what would be your estimate of the price elasticity of demand for such homes?
-0.74
What is the marginal cost of Axel's additional employee? ($)
88000.0
The percentage change in total revenue resulting from a change in price can be approximately calculated as _____.
%P + %Q
Tyler has paid a nonrefundable fee of $400 for his fall semester meal plan, which gives him up to 50 meals. As of now, he has had 40 meals. What is Tyler's marginal cost of the 41st meal? ($)
0
What is your opportunity cost of enrolling in another Top Hat course this semester? ($)
0.0
In the example in the text, suppose Max finds a seller who offers apples for $2.50 per pound. If he buys a pound of apples from that seller, his gain will be $_____.
1.0
Suppose a 4% decrease in consumers' incomes causes a 5% decrease in quantity demanded. What is the income elasticity of demand?
1.25
Suppose the price of tennis balls rises by 8%. As a result, the quantity of tennis balls demanded decreases by 12%. What is the absolute value of the price elasticity of demand for tennis balls?
1.5
If a 5% fall in the price of organic apples causes a 9% decrease in the quantity of conventional apples demanded, the elasticity of demand for conventional apples with respect to the price of organic apples is _____.
1.8
In the previous question, suppose the lowest price the seller is willing to accept is $1.60 per pound. If Max buys a pound of apples from that seller, the total gain from trade will be $_____.
1.9
In Example 2, Corey's sunk cost is $_____
10.0
In the previous question, the student theater gained $_____.
100.0
What is Axel's marginal revenue from the first additional employee? ($)
108000.0
In the example in the text, Hannah's marginal cost of keeping her barbershop open for the second hour is $_____.
12.0
In the scenario above, Sony's sunk cost is _____ billion yen.
12.0
Suppose you find out that one of the courses you plan to take next semester requires Top Hat. You have two options: (1) get a new 4-month subscription next semester; (2) cancel your current subscription (which is fully refundable if you request it within two weeks following the initial purchase) and get an annual subscription. If you choose the first option, what will be your opportunity cost? ($)
12.0
To get her college degree in four years, Leila needs to take 30 credit hours per year, which will cost her $12,000 each year to cover tuition, fees, and textbooks. Her annual cost of housing is $5,200, and her cost of food is $2,600 per year. If Leila does not go to college, her parents will let her live at home for free, and she will spend $1,500 on food. The rest of her expenses won't depend on whether or not she goes to college. Leila's best alternative to college is a job that pays $28,000 per year. From this information we can conclude that Leila's college degree will cost her $_____.
185200.0
How many additional employees should Axel hire?
2.0
In the example in the text, if Hannah charged $8 per haircut and gave 2 haircuts per hour, her best choice would be to keep her barbershop open for _____ hours. (Enter a whole number.)
2.0
In the market shown above, the equilibrium price of gasoline is $_____.
2.3
In the market shown above, if the current price of gas is $2.50 per gallon, the quantity of gas demanded is _____ million gallons, the quantity supplied is____ million gallons, and the quantity sold is______ million gallons.
230.0 260.0 230.0
In Example 1, Polina's true cost of attending the concert is $ _____.
232.0
In the example in the text, if Hannah keeps her barbershop open for the second hour, her marginal revenue is $_____.
24.0
In the market shown above, if the current price of gas is $2.10 per gallon, the quantity of gas demanded is____ million gallons, the quantity supplied is____ million gallons, and the quantity bought is____ million gallons.
250.0 220.0 220.0
In Example 1, if Polina could earn $50 per hour, her true cost of attending the concert would be $_____.
272.0
In the example in the text, the concert hall's revenue from providing the facility to students was $_____.
300.0
Maura, a photography hobbyist, is looking for a DSLR camera. She is willing to pay up to $700 for it. Steven, a professional photographer, just got a new high-end camera and is willing to sell his old camera (which has all the features that Maura wants) if he can get $400 or more for it. If Steven sells his camera to Maura for $500, what will be the gain from trade? ($)
300.0
In Example 3, suppose Marty could earn $37 per hour as a freelance copyeditor. If Marty quitted freelancing to accepted the job offer with the highest pay, his opportunity cost would be $_____.
37.0
In the example in the text, if Hannah charged $12.50 per haircut and still could get as many clients as she wants, her best choice would be to keep her barbershop open for _____ hours. (Enter a whole number.)
4.0
In the scenario above, if you sell the book back, what will be your total gain from trade (i.e. as a buyer at the beginning of the semester and as a seller at the end of the semester)? ($)
40.0
In the example in the text, when the student theater rented the auditorium for its festival, it received a value of $_____.
400.0
In the scenario above, what price ($) should you charge in October to sell 650 sandwiches?
5.65
In the example in the text, when the concert hall provided the facility to students, it gained $_____.
50.0
Marissa works full time as a restaurant manager, earning $70,000 a year. She has three job offers at other restaurants with the annual salaries of $68,000, $72,000, and $74,000. If she does not accept any of these offers and stays at her current job, her opportunity cost will be $_____.
74000.0
In the example in the text, Hannah's marginal revenue from giving the fourth haircut is $_____.
8.0
Which of the following is the best definition of a market?
An arrangement that enables buyers and sellers to interact
"Longer movies are a better deal than shorter movies. The ticket price is the same, so you get more benefit for the same cost." True or false?
False
"Trade is a zero-sum game. When a buyer gets a good or a service of a certain value, the seller gets the amount of money equal to that value." True or false?
False
In 2008, the price of oil fell while the consumption of oil decreased. Which of the following events can explain this change in the market equilibrium?
Incomes around the world decreased.
In the previous question, what do you predict will happen to the equilibrium price in the market for gasoline?
It cannot be predicted unless we know which of the two events affects it more
In the scenario above, what will happen to the equilibrium price of soymilk?
It cannot be predicted unless we know which of the two events affects it more.
Suppose an economic recession lowers both consumer income and the price of oil. What do you predict will happen to the equilibrium quantity in the market for gasoline?
It cannot be predicted unless we know which of the two events affects it more.
In the scenario above, what will happen to the equilibrium quantity of soymilk?
It will decrease.
In the previous question, what do you predict will happen to the equilibrium price in the market for gasoline?
It will fall
Suppose both buyers and sellers of coffee hear a credible forecast that the price of coffee will fall next month. What will happen to the price of coffee this month in response to this news?
It will fall.
Suppose consumer income increases while the price of oil falls. What do you predict will happen to the equilibrium quantity in the market for gasoline?
It will increase
The demand for electricity is price inelastic. Suppose the electricity supplier in the area raises its rates from 12 cents per kWh to 15 cents per kWh. What will happen to the supplier's revenue?
It will increase.
In Example 2, suppose Luke couldn't live in his parents' house for free. Instead, no matter whether or not he goes to college, he'd pay $4,800 for housing and spend $2,400 on food. Then, Luke's cost of a year in college would be $_____.
Luke's opportunity cost includes the money paid for tuition, fees, and books ($11,200) but not for housing and food, since he pays the same amounts for those no matter whether or not he goes to college. Thus, his total opportunity cost is $11,200 + $30,000 = $41,200.
Suppose the price of oil rises while the consumption of oil decreases. Which of the following events can explain this change in the market equilibrium?
OPEC lowered its production targets.
Samantha went to a farmers' market to buy strawberries. She is willing to pay up to $5 for the first pound, $3.50 for the second pound, and $2 for the third. She ended up buying strawberries from a seller who offered them for $3 per pound. Suppose the lowest price the seller would accept is $2.10 per pound. How much value did this transaction generate? ($)
Samantha will buy 2 pounds of strawberries. The gain from trading the first pound is $5 − $2.10 = $2.90. The gain from trading the second pound is $3.50 − $2.10 = $1.40.
In the scenario above, should you keep the book or sell it back?
Sell it because the price you'll receive is higher than the value you are giving up
Which of the following statements are true? (Check all that apply.)
The price of a good and the quantity of the good demanded are negatively related.
Suppose consumer income falls due to a recession. How will this affect the equilibrium price and quantity in the market for gasoline?
The price will fall and the quantity will decrease.
Suppose the price of oil rises. How will this affect the equilibrium price and quantity in the market for gasoline?
The price will rise while the quantity will decrease.
Which of the following statements are true? (Check all that apply.)
The quantity of a good supplied will increase if its price rises.
Suppose the price elasticity of demand for paper towels is −0.6 and the price elasticity of demand for liquid soap is −0.4. What do these numbers tell us about the sensitivity of the quantities of these goods demanded to a change in price?
The quantity of paper towels is more sensitive
When economists say "scarcity," they mean:
There is not enough resources to produce all goods and services that people want
Which of the following statements about income elasticity of demand are true? (Check all that apply.)
a- A negative income elasticity indicates an inferior good. c- We measure it as the percentage change in quantity demanded at a given price.
Suppose consumer income increases. Which of the following will happen in the market for gasoline? (Check all that apply.)
a- The demand curve will shift. b- The quantity of gas sold will increase along the supply curve.
Which of the following statements are true? (Check all that apply.)
a- The demand for taxi services in a city is likely to be more elastic than the demand for public transportation. c- The demand for all oats cereals is likely to be less elastic than the demand for Kellogg's oats cereals and more elastic than the demand for all kinds of cereals.
Refer to Example 3 in the text. Suppose now that favorable weather conditions increase soybean production everywhere. As a result, the price of soybeans will _____ and the farms' revenues will _____.
fall; decrease
"Studying economics trains your mind to think analytically and develops your problem-solving skills in general." True or false?
True
In the previous question, what will happen to the quantity of coffee bought this month?
We don't have enough information to predict it.
If the supply of oil is perfectly inelastic, a decrease in demand for oil will result in _____ equilibrium price of oil and _____ in the equilibrium quantity of oil.
a lower; no change
In Example 1, the concert hall should provide the facility to the students if they offer _____. (Check all that apply.)
b- $260 c- $300 d- $1300 e- $1160
In the example in the text, to decide whether to go to a concert, Polina should compare her _____ with her _____.
benefits; opportunity cost
Which of the following statements about the price elasticity of demand are true? (Check all that apply.)
c- It shows the percentage change in quantity demanded caused by a one percent change in price. d- It is a negative number but what matters when comparing elasticities is their absolute values.
If the price of apples falls by 12% and the quantity of apples sold increases by 10%, the sellers' total revenue in the market for apples will (increase/decrease) by ___ %.
decrease 2.0
Refer to Example 1 in the text. Suppose that instead of falling, the price of gas rises by 20%. Then the consumption of gas will (increase\decrease) ____ by _____ %.
decrease 6.0
Suppose you are an economist at Google. Apple, lowers the price of their music downloads by 8%. Your boss wants to know how this will affect the number of Google music downloads. You estimate the elasticity of demand for Google downloads with respect to the price of Apple downloads at 0.9. You should tell your boss that you expect the number of Google downloads demanded to (increase/decrease) by ____ %.
decrease 7.2
The OPEC countries supply about 40% of the world's crude oil. Suppose that OPEC increases its oil production by 5%. Assume that no other oil suppliers change their production and that the price elasticity of demand for crude oil is −0.2. You predict that as a result of the OPEC's increased production, its total revenue from oil will (increase/decrease) by ___ %.
decrease 8.0
Refer to Example 2 in the text. If the elasticity of demand for Dell laptops with respect to the price of HP laptops was estimated at 0.9, you'd predict that the demand for Dell laptops will (increase/decrease) by ____ %.
decrease 9.0
In the first quarter of 2020, the price of gasoline in the United States fell and the quantity of gasoline demanded _____ because _____.
decreased; factors other than the price influenced the quantity of gas demanded
When the price of Toyota cars rises, the _____ Honda cars _____.
demand for; increases
Advances in the technology of organic farming lowered the price of organic strawberries. As a result, the _____ curve for conventional strawberries shifted _____.
demand; leftward
When consumers hear a credible forecast that the price of coffee will fall next month, the _____ curve in the current market for coffee shifts _____.
demand; leftward
When the price of gas rose over the period 2002-2008, the _____ curve in the market for pickup trucks shifted _____.
demand; leftward
In the previous question, initially there is excess _____, which causes the price to _____.
demand; rise
In the scenario above, you'd advise Sony to _____.
discontinue the project because the additional costs of completing it would be greater than the additional revenue the camcorder brings
A typical demand curve slopes _____, reflecting a _____ relationship between the price and the quantity demanded
downward; negative
In a local market for oranges, when the price rises by 10%, the quantity of oranges demanded decreases from 740 pounds to 620 pounds. Given this information, we can conclude that the demand for oranges in this market is _____.
elastic
Refer to Example 2 in the text. Suppose that instead of cutting their oil production, the OPEC countries increase it by 4%. Then the price of oil will (rise/fall) ____ by _____ %.
fall 8.0
In the market shown above, suppose the current price of gas is $2.40 per gallon. If neither the demand nor the supply curve shifts, the price of gas will (rise/fall) ____ and the quantity of gas sold will (increase/decrease) ______. .
fall increase
Suppose gasoline consumers become increasingly concerned about the adverse effects of burning gasoline on the environment. You predict that as a result, the equilibrium price in the market for gasoline will _____, and the equilibrium quantity of gasoline will _____.
fall; decrease
Suppose the price of oranges falls relative to the price of tangerines. As a result, in the short run (when farmers don't have enough time to reallocate their resources), the equilibrium price of tangerines will _____ and the quantity of tangerines sold will _____.
fall; decrease
Suppose the price elasticity of demand for peaches is −2.8. This means for each 1% fall in the price of peaches, the quantity of peaches demanded will (increase/decrease) ______ by_____ %.
increase 2.8
Suppose the price of gasoline falls by 14%. The price elasticity of demand for gasoline is estimated at −0.3. Other things being equal, you predict that the quantity of gasoline sold will (increase/decrease) ____ by ___ %.
increase 4.2
Suppose Apple lowers the price of its music downloads from $1.29 to $0.99 per song. Given that the price elasticity of demand for Apple music downloads is −1.2, you predict that Apple's receipts from music downloads will (increase/decrease) by ___ %.
increase 5.3
Suppose the equilibrium price of TVs falls while the equilibrium quantity of TVs increases. This change in the market equilibrium can be explained by _____ TVs.
increased supply of
Microeconomics is best defined as the study of how _____.
individuals and businesses use scarce resources in the way that best satisfies their wants
Suppose you are a restaurant manager. You notice that when your customers order hamburgers, they often buy sodas too. You've estimated the elasticity of demand for sodas with respect to the price of hamburgers at −0.8. If you want to sell 10% more sodas, you should (raise/lower) the price of your hamburgers by ___ %.
lower 12.5
The rule that economists use to make "how much" decisions is that a person or an organization should continue to increase their level of activity as long as the _____ exceeds the _____.
marginal benefit; marginal cost
The demand for pork is likely to be _____ elastic than the demand for electricity because _____ substitutes are available for pork.
more; close
Demand is usually _____ elastic in the long run than in the short run because in the long run _____.
more; consumers have more time to adjust to a change in price
The demand for Pepsi is likely to be _____ elastic than the demand for all soft drinks because the market for Pepsi is _____ than the market for all soft drinks.
more; narrower
If the supply of corn is perfectly elastic, a decrease in demand for corn will result in _____ equilibrium price of corn and _____ in the equilibrium quantity of corn.
no change in the; a decrease
Howard's farm is one of many in the market for corn. The market price of corn is $5 per bushel. If Howard prices his corn at higher than $5, the quantity of it demanded is zero. From this information, we can conclude that the demand for Howard's corn is _____.
perfectly elastic
Sandra would buy the same quantity of milk per week no matter whether the price is $3 or $4 per gallon. From this, we can conclude that Sandra's demand for milk in this price range is _____.
perfectly inelastic
Every time Vincent goes to a gas station, he gets 18 gallons of gas without looking at the price. His fiancé, Lisa, however, always wants to spend $36 on gas no matter what the price is. From these observations, you can tell that Vincent's demand for gas is _____ and Lisa's demand is _____.
perfectly inelastic; unitary elastic
The income elasticity of demand for a good is the percentage change in _____ in response to a one percent change in _____.
quantity demanded; consumers' income
The price elasticity of demand tells us how sensitive the _____ is to a change in _____.
quantity demanded; price
Refer to Example 2 in the text. Suppose the price elasticity of enrollment at the college is −0.9. Then, to increase its revenue, the college should _____ tuition because the effect on the revenue of the change in tuition will be _____ than the effect of the change in enrollment.
raise; greater
In the previous question, when the price of potatoes falls by 10%, Bob's spending on potatoes _____.
remains unchanged
Over the period from June 2014 to January 2016, the world price of oil fell from $112 per barrel to $31 per barrel, while the consumption of oil increased from 94 million to about 96 million barrels per day. This trend can be explained by a _____ shift of the _____ curve in the market for oil.
rightward; supply
Suppose that unfavorable weather conditions decrease cotton production everywhere. The price elasticity of demand for cotton is estimated at −1.1. Given this information, you predict the price of cotton to _____ and the cotton producers' total revenue to _____.
rise; decrease
Suppose the price of soybeans in China rises. As a result, the equilibrium price of soybeans in the United States will _____ and the equilibrium quantity of soybeans in the U.S. market will _____.
rise; decrease
Suppose the wages of workers at oil refineries rise. You predict that as a result, the equilibrium price in the market for gasoline will _____, and the equilibrium quantity of gasoline will _____.
rise; decrease
Suppose the price of corn rises steadily over several years while the price of wheat remains unchanged. You predict that the supply curve in the market for wheat will _____.
shift leftward
Suppose the price of oats in Canada rises relative to that in the United States. You predict that the supply curve in the market for oats in the United States will _____.
shift leftward
In the example in the text, suppose Polina is willing to pay up to $230 to attend the concert. She _____ go to the concert because the value she places on it _____.
should not; is below her opportunity cost
In the example in the text, Hannah _____ keep her barbershop open for the fourth hour because her _____ is greater than her _____.
should not; marginal cost; marginal revenue
In the example in the text, Hannah _____ keep her barbershop open for the third hour because her _____ is greater than her _____.
should; marginal revenue; marginal cost
If U.S. automakers move their assembly facilities from Mexico back to the United States, where the wages of assembly workers are higher, the _____ autos will _____.
supply of; decrease
When technological advances in the production of solar panels occur, the _____ solar panels _____.
supply of; increases
When the price of chicken in Europe falls, the _____ chicken in the United States _____
supply of; increases
In the previous question, initially there is excess _____, which causes the price to _____.
supply; fall
If the price of crude oil falls, the _____ curve in the market for gasoline will shift _____.
supply; rightward
When there are several alternatives to a choice and they are mutually exclusive, the opportunity cost is the value of _____.
the best alternative given up
Trade creates value because _____.
voluntary transactions occur only if they are beneficial for both parties
The value that a person receives from a good is measured by _____.
the highest price she is willing to pay for it
The benefit that buyers receive from a good is measured by _____.
the highest price they are willing to pay for it
The opportunity cost of what we get is _____.
the highest valued alternative that we give up
The cross-price elasticity of demand for a good is the percentage change in _____ in response to a one percent change in _____.
the quantity of the good demanded; the price of another good
The value of a good to a seller is _____.
their opportunity cost of providing it
The demand curve shows how much of the good consumers are _____ to buy at each given _____.
willing; price
In Example 2, Corey's benefit from continuing watching the movie is _____.
zero at most
