4. Megan usually buys Crunchy Corn cereal at the grocery store. However, when the price of cereal instead, which costs $2.50 a box. Crunchy Corn and Wheaty Wheels cereals are Crunchy Corn goes from $2.50 a box to $3.25 a box, Megan decides to buy Wheaty Wheels which of the following? A. surplus goods B. equilibrium goods C. complementary goods D. substitute goods

The law of diminishing marginal utility helps to explain the direct relationship between price and quantity supplied. a. True b. False

Show in a diagram the effect on the demand curve, the supply curve, the equilibriumprice, and the equilibrium quantity of each of the following scenarios.c. The market for blueberry muffinsi. Scenario 1: More people become health conscious and realize the highsugar content of muffins. ii. Scenario 2: The price of blueberries has increased

20. A drop in the price of a commodity A shifts the demand curve for commodity B lettwiras. Fromthat you know that commodity A and B are: 2. inferior goods O substitutes a. complements d. normal goods

3. As coffee becomes more expensive, Jamal starts drinking tea, therefore quantity demanded for coffee decreases. This is called a. the income effect. b. the change in equilibrium. c. the substitution effect. d. a shift in the demand curve.

If a consumer's marginal utility was 10 utils per unit of meat and 5 utils per unit of potatoes:   a. the consumer should purchase less potatoes and more meat to maximize his satisfaction. b. the consumer would be in equilibrium if the per-unit price of meat was twice the price of potatoes. c. the consumer would be in equilibrium if the price per unit of meat was half the price of potatoes. d. the consumer's total utility could be increased by consuming more potatoes and less meat until the marginal utilities of the two goods were equal.

what are the units of a good? what are the units of b good? what are the units of c good? the total utility of consuming five units of the b good is what utils? the total utility of consuming three units of the a good is what utils?

Figure 4-6Refer to Figure 4-6.  The movement from D’ to D could be caused by   a. an increase in the price of a complement.   b. a decrease in income, assuming the good is inferior.   c. a decrease in price.   d. buyers expecting the price of the good to fall in the near future.

6. If a decrease in the price of Good X causes a decrease in the demand for Good Y, we can conclude that a. Goods X is a normal good while Y is an inferior good. b.Goods X and Y are complement goods. c. Goods X and Y are normal goods. d. Goods X and Y are substitute goods.

Question 3