* not completed

. Which best describes a demand curve?

The quantity consumers would like to buy in an ideal world correct incorrect

The quantity consumers are willing to sell correct incorrect

The quantity consumers are willing and able to buy at each and every income all other things unchanged correct incorrect

The quantity consumers are willing and able to buy at each and every price all other things unchanged correct incorrect

* not completed

. A fall in price:

Will cause an inward shift of demand correct incorrect

Will cause an outward shift of supply correct incorrect

Leads to a movement along a demand curve correct incorrect

Leads to a higher level of production correct incorrect

* not completed

. Demand for a normal product may shift outwards if:

Price decreases correct incorrect

The price of a substitute rises correct incorrect

The price of a complement rises correct incorrect

Income falls correct incorrect

* not completed

. According to the law of diminishing marginal utility:

Utility is at a maximum with the first unit correct incorrect

Increasing units of consumption increase the marginal utility correct incorrect

Marginal product will fall as more units are consumed correct incorrect

Total utility will rise at a falling rate as more units are consumed correct incorrect

* not completed

. If marginal utility is zero:

Total utility is zero correct incorrect

An additional unit of consumption will decrease total utility correct incorrect

An additional unit of consumption will increase total utility correct incorrect

Total utility is maximized correct incorrect

* not completed

. A decrease in income should:

Shift demand for an inferior product inwards correct incorrect

Shift demand for an inferior product outwards correct incorrect

Shift supply for an inferior product outwards correct incorrect

Shift supply for an inferior product inwards correct incorrect

* not completed

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

Shift demand for product A outwards correct incorrect

Shift demand for product A inwards correct incorrect

Shift supply for product A outwards correct incorrect

Shift supply for product A inwards correct incorrect

* not completed

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

Shift demand outwards correct incorrect

Shift demand inwards correct incorrect

A contraction of demand correct incorrect

An extension of demand correct incorrect

* not completed

. If a product is a Veblen good:

Demand is inversely related to income correct incorrect

Demand is inversely related to price correct incorrect

Demand is directly related to price correct incorrect

Demand is inversely related to the price of substitutes correct incorrect

* not completed

. If a product is an inferior good:

Demand is inversely related to income correct incorrect

Demand is inversely related to price correct incorrect

Demand is directly related to price correct incorrect

Demand is directly related to the price of substitutes correct incorrect