If the price of gasoline rose from 2.85 to 2.95 per gallon, your expenditure on gasoline would increase if your price elasticity of demand for gasoline equals
A) 1.25.
B) 1.00.
C) 0.75.
D) Total revenue would increase at all of the above elasticities.
Question 2
The fact that the fourth plate from the All You Can Eat Country Buffet generated more satisfaction than the fifth plate is an example of
A) increasing marginal utility.
B) diminishing marginal utility.
C) diminishing total utility.
D) the paradox of value.
Cutaway diagram of a four cylinder gasoline engine
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