When you maximize your utility of product A, the marginal utility of product A will equal the ____________.
Fill in the blank(s) with the appropriate word(s).
price of product A
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"Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true?
A. Consumer tastes are quasilinear. B. Consumer tastes are homothetic. C. Production frontiers are homothetic. D. Both (a) and (c). E. Both (b) and (c). F. None of the above.
What is the relationship between a perfectly competitive firm's marginal cost curve and its short-run supply curve?
What will be an ideal response?
Which of the following is NOT true regarding monopoly?
A) Monopoly is the sole producer in the market. B) Monopoly price is determined from the demand curve. C) Monopolist can charge as high a price as it likes. D) Monopoly demand curve is downward sloping.
Which of the following is NOT true of an oligopoly?
A) They advertise their product. B) The firms recognize their interdependence. C) A few firm account for a large portion of the total output. D) Firms are price takers.