Microeconomics Consumer Choice Mods 46-51

If there are few substitutes for a good or service, the demand is likely to be......  

The idea of decreasing amounts of satisfaction as you consume one more unit of pie is known as...

Generally, the longer the time period involved, the more _________ the demand becomes.

If the Price Elasticity of Supply is "Elastic" the supply curve should be drawn...

If the "Income Elasticity of Demand" is a negative number, then we know...

The "Income Effect" is most likely to come into play for which of the following goods?

If the Price Elasticity of Demand  is equal to 2.7, we know...

The maximum amount a consumer is willing to spend on a good or service is known as his/her...

An individual should eat another hot dog, as long as...

When prices rise, consumer surplus should...