Author Question: If Steve's Apple Orchard, Inc is a perfectly competitive firm, the demand for Steve's apples has ... (Read 249 times)

panfilo · **on:** Jun 29, 2018

If Steve's Apple Orchard, Inc is a perfectly competitive firm, the demand for Steve's apples has

A) zero elasticity.
B) unitary elasticity.
C) elasticity equal to the price of apples.
D) infinite elasticity.

Question 2

The principle of diminishing marginal utility says that

A) marginal utility is negative as the quantity of the good consumed increases.
B) total utility decreases as the quantity of the good consumed increases.
C) total utility increases by smaller and smaller amounts as the quantity of the good consumed increases.
D) total utility increases by larger and larger amounts as the quantity of the good consumed increases.