Jason considers a crystal bowl, a silver dish, and a pewter figurine, each priced $45 at the local gift shop. He chooses the silver dish because, according to economic theory
a. his marginal utility per dollar is greatest.
b. his total utility is minimized.
c. his marginal utility is equal to his total utility.
d. silver costs more per ounce than pewter.
a
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A minimum wage law
A) lowers the wage rate of workers who are able to get a job. B) increases employment. C) increases the time spent searching by workers who cannot find a job. D) creates efficiency in the labor market. E) must be set below the equilibrium wage rate in order to have an impact.
The average total cost curve is U-shaped. At the quantity of output where average total cost is at its minimum, is the marginal cost curve above the average total cost curve, below the average total cost curve,
or intersecting the average total cost curve?
Most of a bank's operating income results from
A) interest on assets. B) service charges on deposit accounts. C) off-balance-sheet activities. D) fees from standby lines of credit.
Fred Powell of TruLite makes a verbal pledge to every new employee that he will not lay off employees after they have worked for TruLite for two years and that TruLite will make all promotions internally. Why would Powell make such a pledge? Why is the pledge oral?
What will be an ideal response?