Recent housing reforms in Cuba should give homeowners ________ incentives to repair their homes and therefore ________ construction of new homes

Assume that, over time, engineers develop new residential furnaces that can run on different types of fuels, e.g., natural gas, electricity, propane, and fuel oil, simply by flipping a switch on the furnace

How would this technological change affect the price elasticity of demand for natural gas? Why?

If the price of marshmallow exceeds the marginal value that the consumer places on marshmallows, then

a. the consumer is at the optimum. b. the consumer's level of satisfaction would increase if he buys more marshmallows and less of other goods. c. a surplus of marshmallows exists in the market. d. the optimum contains fewer marshmallows than the consumer is currently buying.