When the price of a pound of apples is $1.00, 7500 pounds of apples are demanded. When the price of a pound of apples decreases to $0.80, 10,000 pounds of apples are demanded. In this price range the demand for apples is

If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is

A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.

Moving down along an indifference curve: a. total utility remains constant

b. total utility decreases. c. total utility increases. d. total utility first decreases and then increases.