1. The law of demand implies that (Points : 1)as prices fall demand increases.as

1. The law of demand implies that (Points : 1)as prices fall demand increases.as prices rise demand increases.as prices fall quantity demanded increases.as prices rise quantity demanded increases.2. The law of diminishing marginal utility refers to (Points : 1)a consumers decrease in total satisfaction as she consumes more units of a good.a consumers decrease in additional satisfaction as she consumes more and more units of a good.the idea that total utility is negative.the idea that marginal utility is negative.3. In college you practically existed on instant noodles but now you earn $95000 a year. You never want to see instant noodles again. We can safely conclude that you consider instant noodles to be a(n) (Points : 1)normal good.complementary good.luxury.inferior good.4. A cars real cost is its opportunity cost. Opportunity cost is determined by (Points : 1)the price of the car.relative prices.wealth.the prices of the goods that are compliments to a car.

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