A change in the price of one good leads to all of the following, except one. Which is the exception?
a. a change in the slope of the budget line
b. a new point of consumer utility maximization
c. a change in the trade-off between the two goods
d. a change in the marginal utility of each unit of the good
e. a change in the marginal utility per dollar spent on the good
D
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If an industry has 25 firms that collectively have $150 million in total sales and the top three firms in this industry account for $78 million in sales and the fifth through twenty-fifth firms account for $60 million in sales, what is the amount of
sales for the fourth largest firm? A) $12 million B) $6 million C) $18 million D) none of the above
In a market economy, producers will produce the goods and services that
A. Optimize producer utility. B. Consumers need the most. C. Producers want to purchase. D. Consumers demand.