As we move down a person's demand curve, marginal utility declines
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Macroeconomics includes the study of
A) economic growth, the unemployment rate, and inflation. B) product demand, product supply, and profit maximization. C) industry sales, corporate growth, and home prices. D) decisions made by individuals, businesses, and governments.
Economics
Assume the price of Levi jeans increases. As a result, you decrease the quantity of Levi jeans purchased each month and purchase more Lee jeans. This is an example of the:
a. consumption effect. b. utility effect. c. income effect. d. substitution effect.
Economics