Along a consumer's demand curve, price reflects
a. the costs of production
b. the dollar value of the total utility from the good
c. the dollar value of the marginal utility of each additional unit of the good
d. the maximum quantity that could be purchased, given income
e. non-rational decision making
C
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A cash-payment welfare program, where eligibility is no longer an entitlement but emphasizes welfare-to-work is
a. food stamps b. Medicare c. Social Security d. TANF e. SSI
High oil prices in the 1970s motivated ________ to look for oil, which was found in ________.
A. the United Kingdom; the North Sea B. Saudi Arabia; their desert C. the Soviet Union; the Ural Mountains D. the United States; Oklahoma
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
A. firm 1's reaction function will shift down. B. firm 2's reaction function will shift down. C. firm 1's reaction function will shift up. D. firm 2's reaction function will shift up.
Which philosopher-economist observed: "Individuals make choices in order to promote pleasure and to avoid pain"?
A. Thomas Malthus B. Jeremy Bentham C. Publilius Syrus D. Stanley Jevons