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Gillespie: Foundations of Economics 2e

Unit 03


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Question 1

Which best describes a demand curve?

Question 2

A fall in price:

Question 3

Demand for a normal product may shift outwards if:

Question 4

According to the law of diminishing marginal utility:

Question 5

If marginal utility is zero:

Question 6

A decrease in income should:

Question 7

An increase in the price of a complement for product A would:

Question 8

An increase in price, all other things unchanged, leads to:

Question 9

If a product is a Veblen good:

Question 10

If a product is an inferior good: