If pizza and tacos are substitutes, a decrease in the price of tacos would lead to a
A) decrease in the demand curve for pizza.
B) decrease in the quantity demanded of pizza.
C) decrease in the price of pizza.
D) All of the above.
D
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Suppose $1 billion is available in the budget and Congress is considering allocating the funds to one of the following three alternatives:
a. subsidies for education b. research on Alzheimer's c. increased border security If voters prefer a to b and b to c, then if preferences are transitive A) they should prefer c to a. B) they should prefer a to c. C) they should be indifferent between a and c. D) it is not always possible to rank voters' preferences between a and c.
To maximize total utility, a consumer should buy goods with ______.
a. the highest marginal utility overall b. the lowest marginal utility overall c. the highest marginal utility per dollar d. the lowest marginal utility per dollar