A local restaurant offers an "all you can eat" Sunday brunch for $12. Jenica eats two servings but leaves half of a third helping uneaten. Why?
A) Her marginal value of an additional bite of food has fallen to zero.
B) Her marginal value of additional food has fallen below $4 ($12 divided by 3 servings).
C) Her marginal value of brunch has fallen below $12.
D) The total value she places on brunch today exactly equals $12.
A) Her marginal value of an additional bite of food has fallen to zero.
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In part, microeconomics is concerned with
A) how a business firm decides upon the amount it produces and the price it sets. B) changes in the economy's total output of goods and services over long periods of time. C) factors that explain changes in the unemployment rate over time. D) the Federal Reserve's policy decisions.
In the figure above, the substitution effect outweighs the income effect in all segments EXCEPT
A) 0a. B) 0c. C) bc. D) cd.
In Table 5.3, the standard deviation is
A) highest for the HMO choice, and it is $76,000. B) lowest for the HMO choice. C) higher for owning one's own practice than for going into research. D) higher for the HMO choice than for going into research.
American citizens planning a vacation abroad that would require foreign currency would welcome:
A. Depreciation of the dollar. B. Appreciation of the dollar. C. Appreciation of the foreign currency. D. Devaluation of the dollar.