A higher price for batteries would tend to:

Select one:

a.

increase the demand for battery-powered devices

b.

decrease the demand for electricity

c.

increase the demand for torches

d.

increase the demand for electricity

If you own a bakery and decide to produce a few extra cakes, you are choosing at the margin when you compare:

a.

the extra revenue from selling a few extra cakes to the average of cost producing extra cakes

b.

the extra revenue from selling a few extra cakes to the costs of producing the extra cakes

c.

your cakes to the cakes of other bakers

d.

total revenue from the sale of cakes to the total cost of producing all cakes

The law of diminishing marginal utility states that as more of a particular good is consumed:

a.

total utility decreases

b.

total utility increases

c.

marginal utility decreases

d.

marginal utility increases

Suppose you own a bakery, and decide you will bake a few extra cakes. You are choosing at the margin when you compare:

a.

your cakes to the cakes of other bakeries

b.

total revenue from the sale of cakes to the total cost of producing all cakes

c.

the extra revenue from selling a few extra cakes to the costs of producing extra cakes

d.

the extra revenue from producing a few extra cakes to the average cost of producing extra cakes

If marginal cost is below average total cost, then average total cost, then average total cost:

a.

may rise of fall depending on the size of fixed costs

b.

is rising

c.

is constant

d.

is falling