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Question
A higher price for a good implies that
A) the marginal utility of the good has declined.
B) the total value of the good to the consumer has increased.
C) the sacrifice of utility of another good has increased.
D) the marginal utility of another good has decreased.
Answer
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Related questions
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Q:
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.