Ben realized that he did not have a grill for the party. this is an example of .

1)

A) Juan is able to list out the pros and cons of each possible bundle based on his personal preferences to help him decide which is ultimately the best bundle.

Which of the following economic principles is Juan exhibiting?

Completeness

B) Tina must make a decision about the number of bottles of sports drink and how many cases of water she wants to purchase for her soccer practices. Tina decided to buy four cases of water and 16 bottles of sports drink.

As she waited in line to check out, Tina noticed there was a special display offering five cases of water for the price of four. Tina opted to pick up an additional case of water, even though she might not use it until next week.

Tina exhibited the economic principle of __________, because she decided that five cases of water and 16 bottles of sports drink was better than four cases of water and 16 bottles of sports drink.

 non-satiation

C) Which of the following is the best example of transitivity?  Ben preferred Uncle Moe's Family Feedbag and Catering over University Catering. He liked Hob Knob Fine Dining best of all. So he must prefer Hob Knob over University Catering.

2) A)

Which of the following is true using the graph above?  Point C is more desirable than points A or B.

B)

Using the graph above, which of the following is true concerning Indifference Curves 1 and 2? A consumer would prefer any point on Curve 2 to any points on Curve 1.

C) Paula liked to consume both water and sports drinks during her basketball games, but she always began with water. Knowing her own preferences helped in her decision of how much water versus how much sports drink to purchase.

Which of the following choices would be characteristic of the law of diminishing returns for Paula?

C) This preference map shows the indifference curves and various points, based on the possible combinations of refillable water bottles and crackers.

Which statement is true, based on the preference map above?  Option C is preferable to both options B and D.

4) A) The store owner of Speedy Feet raised the price of running shorts. He was wondering how this would affect customer demand. Most customers buy a shirt of some sort to go along with the running shorts, so he is worried that the customers would buy fewer of both the shorts and shirts.

Which graph below accurately shows what will happen to the budget constraint as a result of the store owner's prediction?

B)Megan has $50 to spend on refillable water bottles and crackers. This graph shows the budget constraint when the bottles are $7 each on Monday and the budget constraint when the bottles drop to $5 each on Thursday.

Which of the following statements would be true if Megan were to wait and purchase the disposable water bottles on Thursday?  Megan's consumption of water bottles would increase.

C)

Consumers move from Curve 1 to Curve 2 as a result of __________.  an increase in the price of burgers

Which of the following describes the shift in the budget constraint AFTER the $100 donation?  It will shift to the right.

C) Susan recently was told that the honor society just received additional funds from the university in order to showcase their academic programs.

The chart below represents Susan's initial budget for the honor society, prior to the university's financial assistance:

Which point may now be attainable, given the budget increase?  D

6) A) Which of the following will occur when consumer incomes decrease?

The purchase of inferior goods will increase.

B) When incomes increase, consumers will purchase more of what type of good?  Normal

C) An increase in income could cause Mark to do several things.

Which of the following examples would be considered an inferior good in Mark's situation?

 Mark purchases fewer ramen noodles.

Section 2.

1. A) If the price of medication doubles, and the quantity demanded remains unchanged, this good is said to be __________. perfectly inelastic

B) Which of the following statements is the best example of inelastic demand?  Tom bought banners sold in town before; they were high quality, so he buys them there again, despite an increase in price.

C) Pedro had type I diabetes and had to remember to maintain normal levels of blood glucose, whether that required insulin injections, snacking on sugary foods or eating whole wheat bagels and fruit. Pedro did not prefer any particular fruit over another. If a certain type of fruit was on sale, he would always choose the sale price. When it comes to sugary snacks and whole wheat bagels, there were certain brands that he liked to have more than others, and he might spend a little more money to get the brands he preferred. His diabetes medication (insulin) was an item that he couldn't live without, and Pedro would always purchase it, regardless of the price.

Which of the following items would be a more elastic demand for Pedro?  Fruit

$10 each. He asked the supplier to hold five pinnies for him to purchase.

However, when Trent arrived at the store a few days later, he found the price of the pinnies had increased to $12. Due to the price increase, Trent only purchased four pinnies.

Using the mid-point formula, Trent's own-price elasticity of the pinnies is __________.  -1.

C) John was ordering orange cones to use for soccer drills during practices. If John decided to purchase cones now, he would buy 10 sets at $5 per set. If he decided to purchase the cones at a later time when the demand decreased, he would purchase 14 sets at $3 per set.

Using the mid-point formula, the own-price elasticity of the soccer cones is __________.  -0.

1. A) If the cross-price elasticity of demand is positive, the goods are said to be __________. substitutes

B) The cross-price elasticity of demand for soda and pretzels is -0.

Therefore, soda and pretzels must be __________ goods.  complementary

C) On his most recent trip to the running store, Andy noticed that the water bottles for his favorite hydration belt were on sale. They were usually priced at $8, but they were on sale for $5.

The store owner told Andy that he was surprised that people were not only buying more water bottles due to the sale, but also more of the hydration belt, even though the belts were not on sale.

Based on the scenario above, what type of goods are the water bottles and hydration belts? Complements

1. A) Rachel is hosting the neighborhood barbecue party at her house and decides to grill hotdogs. Last year, a package of hotdog buns costed $ and a package of hotdogs costed $10 and Rachel had bought 15 packages of buns and 15 packages of hotdogs at that time.

Now the price of buns has increased to $8 a package, and the price of hotdogs remained at $10. Rachel decides she will only buy 10 packages of hotdogs this year.

Using the mid-point formula, the cross-price elasticity is __________ and the goods are __________. -3; complements

B) Juan raised the price of a certain brand of running shorts in his store from $30 to $35. Once he did this, Juan noticed that customers were purchasing fewer shirts to go with the shorts. Last week, he sold 40 shirts, which decreased to 20 after the price increase with the shorts.

Using the mid-point formula, the cross-price elasticity is __________ and the goods are __________.  -4; complements

C) A store recently marked a hydration belt on sale, lowering the price from $20 to $12. The store also sells a hydration bottle, which has a similar concept to the belt, except that a runner can hold it in his or her hand with a strap while running.

When the store owner lowered the price of the hydration belt, he noticed

C) In the past eight months, Raquel's income increased from $1,000 per month to $1,200 per month. Raquel and her husband usually made 16 cheese sandwiches in a month, however due to Raquel's new salary, they now only make 10 sandwiches per month.

Using the mid-point formula, the income elasticity is _________ and cheese sandwiches are __________ goods.  -2; inferior

Which of the following is stratification based on?

What are the three fundamental options that advertisers have when choosing a positioning theme?

Which of the following is stratification based on quizlet?

Which of the following is considered a criticism of advertising?