If a Restaurant Runs a Special and Sells a Lobster

question 196

Multiple Choice

If a restaurant runs a special and sells a lobster dinner for $4.50, Amy buys one lobster dinner a week. If lobster dinners are not on special and the price is $16.00, Amy buys zero lobster dinners per week. Which of the following is true?

• A) Amy's demand for lobster is inelastic.
• B) Amy's marginal utility from a lobster dinner is less than $4.50.
• C) The value of Amy's marginal utility from a lobster dinner is at least $4.50 and less than $16.00.
• D) Amy's marginal utility from a lobster dinner is greater than $16.00.

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