To say that there is a scarcity of gold means that:
a. gold prices will fall in the future.
b. there is not enough gold to satisfy people's demand for it at a zero price.
c. there are very few substitutes for gold.
d. gold is very expensive.
e. the demand for gold is changing.
b
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Patty spends $10 a week on bagels and soda. The price of a bagel is $2 and the price of soda is $1 a can. Patty buys 2 bagels and 6 cans of soda. Her marginal utility from bagels is 20 units
The price of a bagel rises to $3 and the price of a can of soda rises to $1.50. Patty now buys ________ bagels and her marginal utility from bagels ________. She buys ________ cans of soda and her marginal utility from soda ________. A) fewer than 2; increases; fewer than 6; increases B) 2; is 20 units; 6; is 10 units C) fewer than 2; is 20 units; fewer than 6; is 10 units D) fewer than 2; decreases; fewer than 6; decreases
The change in the quantity demanded of a good resulting from a change in relative price with the level of satisfaction held constant is called the ________ effect
A) Giffen B) real price C) income D) substitution