Question 17 of 30 score 8 of possible 8 points which

Question 17 of 30 Score: 8
(of possible
8
points)
Which of these has the most elastic demand?
A. Bayer Aspirin
B. nsulin (diabetes medicine)
C. chuck steak
D. heart medicine
Answer Key: C
Question 18 of 30 Score: 8
(of possible
8
points)
If Marginal Utility is zero then total utility is
Question 19 of 30 Score: 8
(of possible
8
points)
When income elasticity of demand is positive, it means good is normal.
Question 20 of 30 Score: 8
(of possible
8
points)
If there is a freeze in California, the price of orange in California will

Question 21 of 30 Score: 8
(of possible
8
points)
Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000’s.
If other factors were held constant, then there would be
A.
a leftward movement along the supply curve.
B.
a leftward shift in the demand curve
C.
a rightward movement along the supply curve
D.
a rightward shift of the demand curve
Answer Key: B
Question 22 of 30 Score: 8
(of possible
8
points)
When demand falls and supply remains the same, equilibrium price__________ and equilibirum
quantity__________