Along a consumer's demand curve, price reflects
a. the costs of production
b. the dollar value of the total utility from the good
c. the dollar value of the marginal utility of each additional unit of the good
d. the maximum quantity that could be purchased, given income
e. non-rational decision making
Question 2
The law of demand states that
a. quantity demanded is inversely related to price
b. quantity demanded is directly related to income
c. marginal utility is inversely related to quantity consumed
d. total revenue is directly related to price
e. demand curves are linear
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