Suppose Lisa spends all of her money on books and bagels, and a bagel is an inferior good for her. When the price of coffee increases, the
A) consumption of coffee will fall.
B) consumption of coffee will rise.
C) consumption of coffee will not change.
D) Not enough information.
B
Economics
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Which of the following is an example of a topic studied by microeconomists?
A) Price determination by a firm B) Interest rate determination C) Measures to combat inflation D) National income calculations
Economics
The expression "getting the most bang for your buck" is an illustration of the
A) total utility/price ratio. B) total utility/marginal utility ratio. C) marginal utility/price ratio. D) marginal utility/total utility ratio.
Economics