The demand for corn increases. As a result, the price of corn will ________, and the less elastic the supply of corn, the ________ will be the effect on the price

A consumer maximizes satisfaction at the point where his valuation of good X, measured as the amount of good Y he would willingly give up to obtain an additional unit of X, equals:

A) the magnitude of the slope of the indifference curve through that point. B) one over the magnitude of the slope of the indifference curve through that point. C) Px/Py D) Py/Px

As an economy accumulates more capital per worker, labor productivity:

a. increases and the standard of living grows. b. decreases and the standard of living falls. c. decreases and the standard of living grows. d. increases and the standard of living falls.