Which of the following sayings describes the concept of diminishing marginal utility?
a. time is money
b. penny wise and pound foolish
c. absence makes the heart grow fonder
d. a penny saved is a penny earned
e. a fool and his money are soon parted
C
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An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision
The second development was that the companies renting eye-surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments A) decreased demand and increased supply resulting in an increase in both the equilibrium quantity and the equilibrium price of laser eye surgeries. B) decreased demand and increased supply, resulting in a decrease in both the equilibrium price and the equilibrium quantity of laser eye surgeries. C) decreased demand and decreased supply, resulting in a decrease in the equilibrium quantity and an increase in the equilibrium price of laser eye surgeries. D) decreased demand and increased supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of laser eye surgeries.
If the price elasticity of demand for good A is -1, then a 1% increase in
A) consumer income will result in a 1% decrease in the demand for good A. B) consumer income will result in a 1% increase in the demand for good A. C) the market price of good A will result in a 1% increase in the quantity demanded of good A. D) the market price of good A will result in a 1% decrease in the quantity demanded of good A.