Percentage change in quantity demanded divided

Assignment Help Business Economics

Reference no: EM134027759

Question

1. Marginal utility refers to_______________.

the increase in total utility from consuming one more unit of a good or service
the satisfaction that people gain from consuming more goods or services
the opportunity cost of a good or service
the fact that people never spend all their income on a single good or service.

2. Households may invest in ______________ to ____________ .

tangible assets; to maintain liquidity
stocks; guarantee a consistent return
bonds; guarantee capital gains
mutual funds; minimize risk

3. The elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in _________ .

quantity supplied
the slope of the demand curve
price
the slope of the supply curve

4. Which of the following would most likely shift the production possibilities curve outward?

inflation
a decrease in the average number of hours worked per week
an increase in the cost of capital goods
technological progress

4. A change in government regulation reduces production costs for a COVID drug. As a result, the_______________ curve for the drug will shift to the ____________.

supply; right
demand; right
supply; left
demand; left

5. Sunk costs should not be included in making decisions about the future because they__________

cannot be retrieved.
occurred in the past.
indicate errors of judgement.
always happen, regardless of plans.

6. Price elasticity of supply is defined as the _______ change in quantity supplied divided by the _______________ change in price.

total; percentage
percentage; marginal
marginal; percentage
percentage; percentage

Reference no: EM134027759

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