Which of the following is the best example of a marginal change? ()
A. The price of housing rose in Seattle by 5% in last year.
B. Kim gets a big promotion at work. She also gets a raise from $25,000 per year to $40,000 per year.
C. Mark graduates from college and takes a job. His income increases from $10,000 per year to $50,000 per year.
D. A drought hits the upper Midwest and the price of wheat increases from $4.00 per bushel to $8.00 per bushel.
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Warrensburg is a small college town in Missouri. At the end of August each year when a new term begins, the market demand for fast food in Warrensburg ()
A. shifts right.
B. shifts left.
C. remains constant, but moves down the curve.
D. remains constant, but moves up the curve.
An early frost in the vineyards of Napa Valley would cause ()
A. an increase in the demand for wine, increasing price.
B. an increase in the supply of wine, decreasing price.
C. a decrease in the demand for wine, decreasing price.
D. a decrease in the supply of wine, increasing price.
On a downward-sloping linear demand curve, total revenue would be at a maximum at the ()
A. midpoint of the demand curve.
B. lower end of the demand curve.
C. upper end of the demand curve.
D. It is impossible to tell without knowing prices and quantities demanded.
Last year, Joan bought 50 pounds of hamburger when the household income was $40,000. This year, the household income was only $30,000 and Joan bought 60 pounds of hamburger. All else constant Joan’s income elasticity of demand for hamburger is ()
A. positive, so Joan considers hamburger to be an inferior good.
B. positive, so Joan considers hamburger to be a normal good and a necessity.
C. negative, so Joan considers hamburger to be an inferior good.
D. negative, so Joan considers hamburger to be a normal good.
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