ECON-1010-D1/D2-Introduction to Microeconomics
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Demand curves slope downward because
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For normal goods like cola and pizza, what is a likely result of the substitution effect when the price of pizza falls?
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The marginal rate of substitution
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Tonya, who is wealthy, and Jerome, who is not, both buy orange juice and croissants for lunch at the student cafeteria. Their budget lines are drawn with orange juice on the vertical axis and croissants on the horizontal axis. Choose the correct statement.
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If the price of an inferior good rises, the income effect
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Other things remaining the same, marginal utility theory implies that a rise in the price of a good
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With respect to water and diamonds, water
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The change in total utility that results from a one-unit increase in the quantity of a good consumed is
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Which of the following does a consumer’s preferences provide?
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If the price of a good decreases, the income effect
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