If the marginal utility per dollar spent for candy bars is higher than the marginal utility per dollar spent for popcorn, you should buy more popcorn and fewer candy bars in order to maximize utility.
Answer the following statement true (T) or false (F)
False
To maximize utility, the consumer should choose the goods that deliver the most marginal utility per dollar.
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Refer to Table 11-7. Consider the statistics in the table above in describing the following industrialized and developing countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
Tim Tupper's term paper-typing business is a perfectly competitive firm in long-run equilibrium. Which of the following does not describes the firm's situation?
a. It will be minimizing average total cost. b. It will be charging a price equal to marginal cost. c. It will be charging a price equal to average total cost. d. It will be earning a normal profit. e. Entrepreneurs outside the industry will be eager to enter.
Consider a course with 40? students, some of whom are confused after the professor explains a concept. The professor? doesn't know whether students are? confused, but will clarify the concept if one student asks a question. A student who asks a questionlong dashand reveals his or her confusionlong dashloses 8 utils. When the professor clarifies the concept in response to a? question, each confused student gets a benefit of 1 util.
Ch 15 Homework. Please Help
Answer the following statements true (T) or false (F)
1. Probably the main characteristic of a demand curve is that it slopes upward from left to right. 2. Typically, the higher the price of a commodity, the greater the quantity supplied. 3. Price ceilings usually create surpluses since supply is increased. 4. Price floors can create surpluses if price floors are above market prices. 5. Price elasticity of demand is a measure of consumer responsiveness to a change in price.