A movement doxm an indifference curve: (a) Represents decreasing price elasticity. (b) Represents no change to utility. (c) Represents an increase in utility. (d) Represents increasing price elasticity. 14. Total revenue increases when demand is: . (a) Inelastic and price rises, causing a demand shift. (b) Inelastic and price rises, causing a movement along the demand curve. (c) Elastic and price rises, causing a demand shift. (d) Elastic and price rises, causing a movement along the demand curve. 15. 16. A movement down the demand curve represents: (a) Represents decreasing price elasticity. (b) Represents constant elasticity. (c) Represents an increase in marginal utility. (d) Represents increasing price elasticity. f. 17. The concept of price elasticity: (a) Divides the % change in quantity demanded by the % change in price. (b) Is the slope of the demand curve. (c) Measures when marginal utility is maximized. (d) Measures when total utility is maximized. 18. If price of good x increases from $5 to $6 and the quantity demanded for good Y ' decreases from 10 to 8, we can conclude these goods are: (a) Complements. (b) Veblen goods. (c) Giffen goods. (d) Substitutes. 19. Suppose as a result of an increase in the price from $10 to $15, the quantity demanded decreases to 18,000 from 20,000. The value of the price elasticity of demand is: (a) 5 (b) 0.33 (c) 0.2 (d) 2.5 20. Giffen goods differ from Veblen goods in that (a) Quantity demanded for Giffen goods increases with increase in price, while QD for Veblen Goods decreases with increase in price (b) Quantity demanded for Giffen goods decreases with increase in price, while QD for Veblen Goods increases with increase in price (c) Giffen goods tend to be basic necessities and Veblen goods are luxuries (d) Giffen goods tend to be luxuries while Veblen goods are basic necessities