Suppose that there are five bottles of lemonade, each of which gives a consumer the same level of utility. According to the law of diminishing marginal utility, how can the consumer receive the highest utility?
a. Consume all five bottles in the next hour
b. Consume all five bottles today
c. Consume all five bottles in one day next week
d. Consume two bottles today and three tomorrow
e. Consume one bottle each day for the next five days
e
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What will be an ideal response?
Education is subsidized because it generates beneficial externalities.
Answer the following statement true (T) or false (F)
Select the graph above that best shows the change in the market specified in the following situation: In the market for chicken, when the price of a substitute, such as beef, decreases.
Graph A Graph B Graph C Graph D
When a specialized worker gains insights into a particular task that leads to better production methods, this is called:
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