A bus is mostly filled with passengers and ready to travel from Los Angeles to San Francisco. At the last minute, a person comes running up to the bus and takes a seat. The change in the bus company's total cost as a result of transporting one more passenger on this trip is called

In an indifference curve/budget line diagram, generally when the price of a good increases, the consumer purchases ________ of the good and moves to a ________ indifference curve

A) less; lower B) less; higher C) more; lower D) more; higher

Inelastic demand implies

A) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded. C) that a one percent cut in price results in a larger than one percent increase in quantity demanded. D) that a one percent decrease or increase in price induces no change in total revenue.