Knowledge about the price elasticity of demand is especially useful to managers because it allows them to predict how a change in price would affect a firm's total revenues

Assume that both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve. As a result

A) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease. B) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease. C) the equilibrium price of MP3 players will decrease; the equilibrium quantity will increase. D) both the equilibrium price and quantity of MP3 players will decrease.

If Rick Nicotera maximizes his utility from a given income, the

a. marginal utility for every good he purchased would be the same b. marginal utility per dollar for all goods he purchased would be the same c. marginal utility per dollar for all goods he purchased would be at a maximum d. total expenditure he made on each good would be the same e. number of units of each good he consumes would be the same