Econ Ch07

7 Chapter 7 Consumer Choice and Elasticity QUESTIONS 1 by means of 10 ARE A SUGGESTED CHAPTER QUIZ. 1.If Mr. metalworker thinks the last sawbuck spent on shirts yields slight satisfaction than the last dollar bill spent on weed, and Smith is a utility-maximizing consumer, he should a. full stop his dischargeing on cola. b.decrease his kick the bucketing on cola and growth his pass on shirts. c.increase his spending on shirts. d.increase his spending on cola and decrease his spending on shirts. 2.A 10 percent increase in the price of lettuce reduces sugar consumption by virtually 5 percent. The increase causes households to a.spend more on sugar. b.spend little on sugar. c.spend the same amount on sugar. d.consume more goods standardized burnt umber and tea that are complements of sugar. 3.Which of the following would be the exceed congresswoman of consumer surplu s? a.Jane does not grasp cell-phone service because she feels that it is outlay less than the $30 a month fee. b.Sam carrys $8 for a haircut that is worthy $10 to him. c.Ralph buys a house for $104,000, the maximum amount that he would be willing to pay for it. d. swear out purchases a book for $20 and uses a credit posting to pay for it. 4.

I like ice cream, but afterwards take homemade ice cream last night, I command to have something else for dessert today. This statement most understandably reflects a.the cypher constraint. b.consumer ir rationality. c.the second law of! demand: Price snap increases with time. d.the law of diminishing marginal utility. 5.If Sarahs income rises by 20 percent, and, as a result, she purchases 40 percent more occasion clothing, her income breeze for designer clothing is a.0.5. b.1.0. c.2.0. d.Not enough nurture is given to manage this question. 6.Studies indicate that the demand for fresh tomatoes is much more...If you want to get a full essay, order it on our website: BestEssayCheap.com

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