Refer to Figure 5-13. The market equilibrium quantity of gasoline is ________ million gallons per month

2.3 Discretionary Policy

What will be an ideal response?

Kirk consumes normal goods. If Kirk's income decreases and the prices of all goods remain unchanged, in his new consumer equilibrium, his marginal utility from each good will ________ and his total utility will ________

A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease