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EC 201 Fall 2009 Q3 - Principles of Economics EC 201 Cal...

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Principles of Economics EC 201 Cal Poly Pomona Dr. Bresnock Fall, 2009 Quiz 3 (15 points) RESEND – DO THIS ONE!!!! Choose the best answer to each question and mark it on your answer form. Use Scantron 815-E for this purpose. You must also write in explanations for each answer choice and provide a brief reason as to why the answer is correct or incorrect. Spaces have been allocated on the quiz for the purpose of either writing in or typing in your explanations. You must turn in your quiz with the explanations and your scantron to this quiz on Weds., Oct. 21 st at class lecture. 1. When the price of one fruit increases, consumers buy more of another fruit. This situation is an illustration of: A) the income effect. B) the substitution effect. C) diminishing marginal utility. D) the rationing function of prices. A) B) C) D) 2. Which statement best illustrates the concept of diminishing marginal utility? A) B) C) D)
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Use the following to answer question 3: The table below shows the market demand for a bushel of wheat in a market where there are just three buyers (data are hypothetical).
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