Brenda says, "You would have to pay me $50 to attend that pro wrestling event." For Brenda, the marginal utility of the event is:
A) zero.
B) positive, but declines rapidly.
C) negative.
D) positive, but less than the ticket price.
Ans: C) negative.
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An example of Friedman's k-percent rule is
A) "do not change the growth rate of the quantity of money." B) "every time GDP decreases, decrease the growth rate of the quantity of money." C) "set the growth rate of the quantity money equal to the unemployment rate." D) "every time GDP decreases, increase the growth rate of the quantity of money." E) "use all information available to determine the growth rate of the quantity of money each time GDP changes."
A Minnesota snowmobile dealer lowers its prices in February by 16 percent and the quantity demanded increases by 2 percent. Thus the demand for snowmobiles from this dealer is ________ and the dealer's total revenue will ________
A) elastic; increase B) elastic; decrease C) inelastic; increase D) inelastic; decrease E) unit elastic; decrease