Smoothies cost $0.20 per ounce. Suppose that after a jog you usually buy an 8 ounce fresh fruit smoothie at your neighborhood juice bar. You recently won a discount coupon in a fund-raiser, which allows you to buy smoothies for $0.15 per ounce. Now after you jog you buy the 15 ounce size of smoothie. Which of the following are consistent with this information?
a. You get more utility from the 8 ounce smoothie than from the 15 ounce smoothie.
b. You experience diminishing marginal utility for each ounce of smoothie you consume.
c. You have an upward-sloping demand for smoothies.
d. You have an inelastic demand for smoothie.
b
Economics
You might also like to view...
Congress and the President passed a national health care policy. This is an example of
A) increasing the marginal cost of health care. B) the government using economic tools to make policy decisions. C) increasing the marginal benefit of health care. D) normative versus positive economics. E) answering the "how" question.
Economics
Depositors lack of information about the quality of bank assets can lead to
A) bank panics. B) bank booms. C) sequencing. D) asset transformation.
Economics