A university cafeteria changes from offering all-you-can-eat meals for one low price to selling each food item separately. After this change, one would expect that the marginal utility of the last food item consumed in the cafeteria by the typical student would:
a. decrease since less food is now likely to be consumed by students who eat a meal in the cafeteria.
b. increase since less food is now likely to be consumed by students who eat a meal in the cafeteria.
c. not change since the same quantity of food is now likely to be consumed at each meal.
d. decrease since more food is now likely to be consumed by students who eat a meal in the cafeteria.
Question 2
Which of the following statements best illustrates the relationship between the market for products and the market for resources?
a. An increase in the price of cameras will decrease the demand for film.
b. As income rises, people demand relatively smaller amounts of food.
c. An increase in the demand for textiles will increase the demand for textile workers.
d. An increase in the price of butter will cause more people to buy margarine.
e. A decrease in the demand for tea will increase the demand for coffee.
Laboratory, Institute of Biochemistry, University of Cologne.
Chrysocyon jubatus (Harvard University)
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Alan Price - Poor People
Real Price of Oil, 1861–2010
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?