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23 Mar 2018

27) An increase in the price of ground beef A) increases the demand for chicken, a substitute for ground beef. B) increases the quantity demanded of ground beef. C) increases the demand for hamburger buns, a complement of ground beef. D) decreases the quantity demanded of ground beef. E) both A and D. P her D or

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25 Mar 2018
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Related questions

A. In the market for a good, there is an increase in demand and a decrease in supply. You would expect the equilibrium price to _____ and the equilibrium quantity sold to ____.

no change: increase

increase: uncertain increase :

no change uncertain: increase

B. In the market for beef, a severe drought increases the price of corn (animal food). You would expect the equilibrium price of beef to _____ and the equilibrium quantity sold to ____.

increase: decrease

decrease: decrease

increase: increase

decrease: increase

C. In the market for pizza, five new restaurants open. You would expect the equilibrium price to _____ and the equilibrium quantity sold to ____.

increase: increase

increase: decrease

decrease: increase

decrease: decrease

D. In the pizza market, the price of hamburgers (a substitute for pizza) has gone up. You would expect the equilibrium price of a pizza to _____ and the equilibrium quantity of pizza sold to ____.

increase: increase

decrease: increase

decrease: decrease

increase: decrease

An increase in the real income of a consumer is one result of an increase in the price of a product that the consumer is buying.

True
False

A consumer is making purchases of products Alpha and Beta such that the marginal utility of product Alpha is 30 and the marginal utility of product Beta is 40. The price of product Alpha is $5 and the price of product Beta is $10. The utility-maximizing rule suggests that this consumer should:

A. Increase in consumption of product Beta and decrease consumption of product Alpha.
B.Increase consumption of product Beta and increase consumption of product Alpha
C.Increase consumption of product Alpha and decrease consumption of product Beta
D.Make no change in the consumption of Alpha or Beta

The marginal rate of substitution of beef for chicken is the:

A. Number of units of chicken the consumer is prepared to give up to obtain one more unit of beef.
B. Number of units of beef the consumer is prepared to give up as income falls
C. Number of units of beef the consumer must sacrifice to obtain one more unit of chicken
D. Rate at which units of beef may be exchanged for units of chicken

The increase in demand for iPad tablet computers can be explained by:

A. An increase in the technology used to produce iPads, making the supply of iPads increase
B. An increase in the price of laptop computers, making their MU/P decrease
C. The enhanced versatility and storage capacity of iPads, making their MU/P increase
D. An increase in the income of buyers, making the demand for iPads increase.

If total utility increases as the consumption of a good increases, then the marginal utility must be increasing also.

True
False

Consider the demand for hamburgers. If the price of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburger? Why or why not? 

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