101 Quiz 4 - Question 1 Marks: 1 As a consumer eats more...

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Question 1 Marks: 1 As a consumer eats more candy bars, for example, the consumer's total satisfaction decreases, according to the law of diminishing marginal utility. Choose one answer. a. True b. False Incorrect Marks for this submission: 0/1. Question 2 Marks: 1 If demand is inelastic, then: Choose one answer. a. Consumer spending does not respond to changes in income. b. Total revenue rises in response to a price decrease. c. Quantity demanded is very responsive to changes in price. d. Quantity demanded is not very responsive to changes in price. Correct Marks for this submission: 1/1. Question 3 Marks: 1 Suppose the price elasticity of demand for natural gas is 0.60. If the price of natural gas increases by 10 percent, then the quantity demanded of natural gas should, ceteris paribus : Choose one answer. a. Decrease by 6 percent. b. Rise by 6 percent. c. Decrease by 16.67 percent. d. Rise by 16.67 percent.
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This note was uploaded on 11/13/2010 for the course HEAL HSCI/C101 taught by Professor Dr.rodriguez during the Spring '08 term at Citrus College.

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101 Quiz 4 - Question 1 Marks: 1 As a consumer eats more...

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