Which of the following statement(s) is (are) false?
A) If the change in total utility for apples is 50 utils and the change in consumption of apples is 5 units, then marginal utility is 10.
B) Economists do not actually need to measure the level of satisfaction to discern preferences for alternative combinations of goods.
C) The concept of elasticity of demand was originated by Alfred Marshall.
D) None of the above (that is, all statements are true).
Answer: D
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Which of the following is FALSE about firms organized along functional lines?
a. Workers develop functional expertise b. Workers can easily share information within their division c. They inhibit the exploitation of economies of scale d. None of the above
Suppose a good has a downward-sloping, straight-line demand curve. If the price elasticity of demand is 2.5 when the price is $10 per unit, then the price elasticity of demand when the price is $7 per unit could be
A. approaching infinity. B. 2.7. C. 2.5. D. 1.7.