What happens to quantity demanded when prices increase?, It usually increases, It usually decreases, It stays the same, It becomes zero, What is elastic demand?, When price does not change, When quantity demanded changes by a larger percentage than price, When quantity demanded stays the same, When price changes by a larger percentage than quantity demanded, If the price of a popular brand of soda increases, consumers may switch to another brand, making demand more elastic., True, False, What is the difference between demand and quantity demanded?, Demand is the entire relationship, while quantity demanded is a specific amount at a given price, They mean exactly the same thing, Quantity demanded is the entire demand curve, Demand only applies when price increases, What happens to total revenue when price increases for a product with elastic demand?, It usually increases, It usually decreases, It always stays the same, It becomes zero, What is utility?, The price of a product, The satisfaction a consumer gets from a good or service, The amount of money a business earns, The cost of producing a product, What is marginal utility?, Total money spent on a product, The extra satisfaction from consuming one more unit, The total satisfaction from all goods, The price of one additional unit, What usually happens to marginal utility as you consume more of a good?, It always increases, It usually decreases, It stays the same, It becomes negative immediately, If you continue buying more of the same product, each additional unit will always provide more satisfaction., True, False, How can consumers maximize their utility?, By spending all their money on one product, By always buying the cheapest product, By choosing goods that give them the most satisfaction from their limited income, By avoiding all spending

Chapter 3

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