If you could pay for a product according to the marginal utility that you gain from additional consumption, then as you consume more of a product the price you pay would

If a country's production possibilities curve gets more bowed out over time, it is an indication that

A) technological change has taken place. B) society is learning to use its resources more efficiently. C) the quantity of labor and capital have increased. D) resources have become more highly specialized.

The demand for a luxury good whose purchase would exhaust a big portion of one's income is

A. relatively elastic. B. relatively inelastic. C. perfectly elastic. D. unit-elastic.