For a monopolist with a downward-sloping demand curve,
a. the coefficient of price elasticity of demand is infinite.
b. the coefficient of price elasticity of demand is zero.
c. as price increases, marginal revenue decreases.
d. as price decreases, marginal revenue decreases.
e. when the price is equal to zero, marginal revenue is equal to zero.
Question 2
In the theory of consumer choice, when a person is choosing which good or service to consume, how does he or she select the units of good or service to consume?
a. The person selects the good or service based on need.
b. The person selects the units of a good or service that generates the greatest marginal utility. This process continues until there budget is spent.
c. The person selects the units of a good or service that generates the greatest marginal utility per dollar spent. This process continues until the person's budget is spent.
d. The person randomly selects what they buy until the budget is spent.
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