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To help viewers understand the factors that determine the quantity of goods demanded by consumers and the factors that determine the quantity of goods supplied.
A basic assumption that economists make about consumer behavior is that...
consumers are consistent about their preferences as measured by the satisfaction derived from various goods.NEXT QUESTION
Utility is a measure of...
The law of diminishing marginal utility implies that...
increase in personal satisfaction will eventually decline as more and more units of a commodity are consumed.NEXT QUESTION
A consumer is in equilibrium if...
any other allocation of her income would lead to a reduction in total utilityNEXT QUESTION
If the marginal cost of a given commodity is lower than the average variable cost, we can conclude that...
average variable cost will decline.NEXT QUESTION
According to Economics U$A economist Richard Gill the experience of Marin County residents during the drought of the early 1970s shows that...
people tend to make better use of resources when they are scarce.RESTART QUIZ