Students in a class are assigned to groups to work on a project. A grade will be given for each project, and everyone in the group will receive that grade. For the members of a particular group, the grade is a
A. beneficial externality.
B. public good.
C. detrimental externality.
D. moral hazard.
Answer: B
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Demand is elastic if
A) consumers respond strongly to changes in the product's price. B) a large percentage change in price brings about a small percentage change in quantity demanded. C) a small percentage change in price brings about a small percentage change in quantity demanded. D) the quantity demanded is not responsive to price changes. E) the demand curve is vertical.
Marginal utility is
a. the difference in price between one store and another. b. the difference in value between "some" of a thing and "none" of a thing. c. the difference between any two successive total utility figures. d. acquired only with the first few units of a good or service. e. utility that is barely satisfactory.