If Mr. McLean thinks the last dollar spent on bowling yields more satisfaction than the last dollar spent on hamburgers, and McLean is a utility-maximizing consumer, he should:
a. bowl less, so the marginal satisfaction from expenditures in this area will increase.
b. spend more on hamburgers, so total satisfaction from that activity will increase.
c. eliminate spending on hamburgers.
d. bowl more and spend less on hamburgers.
d
Economics
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As the number of available substitutes for a good increases, the price elasticity of demand for the good will increase as well
Indicate whether the statement is true or false
Economics
Over time Americans have chosen to cook less at home and dine out more. This change in behavior:
A) increases GDP. B) reduces GDP. C) does not affect GDP. D) none of the above
Economics