Every Friday for two months, Shelley visits her favorite pizza place and buys a large pepperoni and olive pizza. After nine weeks, she decides that she has grown tired of pepperoni and olive pizza, so she no longer buys it. This is an example of what principle of demand?  A. substitution effect B. law of demand C. diminishing marginal utility D. income effect

7. MRS and utility maximization Suppose your classmate Felix loves to eat dessert-so much so that he allocates his entire weekly budget to apple crisp and pie. The price of one bowl of apple crisp is $1.75, and the price of a piece of coconut crème pie is $7.00. At his current level of consumption, Felix's marginal rate of substitution (MRS) of apple crisp for pie is 5. In other words, Felix is willing to sacrifice five bowls of apple crisp for one piece of pie per week. Does Felix's current consumption bundle maximize his utility? That is, does it make him as well off as possible? If not, how should he change it to maximize his utility? Felix could increase his utility by buying more apple crisp and less pie per week. Felix could increase his utility by buying less apple crisp and more pie per week. Felix's current bundle maximizes his utility, and he should keep it unchanged.

Which one of these goods is likely to have the largest substitution effect? Select one: a. Skittles candy b. Honda Accord c. Flour d. Electricity e. Gasoline

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