Juan likes both hot dogs and burritos. All else equal, when the price of hot dogs rises, he buys more
burritos. This can best be explained by:
diminishing marginal utility.
the substitution effect.
increasing marginal cost.
the income effect.
Market Demand Exercise:
The table below represents the quantity of rice demanded for selected
a. Fill in the market quantity of rice demanded (column “Market”) for each given price.
b. What is the quantity of rice demanded in the market (in millions of metric tons) if the market price
is $400 per metric ton?