Table 19.2Quantity ConsumedTotal UtilityMarginal Utility115152 9330 4 3In Table 19.2, the total utility when two units are consumed is
A. 6.
B. 9.
C. 24.
D. 15.
Answer: C
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Suppose Company P could create a socially beneficial product if they were sure they could make a profit by doing so. What could the government do to help them?
a. Grant a patent to Company P to eliminate competition for a period of time. b. Pass legislation requiring Company P to create the product. c. Place a restriction-of-trade tax on Company P if they fail to create the product. d. Seize the plans for the product and create the product in a government facility.
When firms are faced with making strategic choices to maximize profit, economists typically use
a. the theory of monopoly to model their behavior. b. the theory of aggressive competition to model their behavior. c. game theory to model their behavior. d. cartel theory to model their behavior.
Which of the following pairs is the most likely to exhibit an inverse relationship?
a. The price of a concert and the number of tickets people purchase. b. Baseball players' salaries and their batting averages. c. People's annual income and their expenditure on personal computers. d. The amount of time you study and your grade point average.
The equipment and structures available to produce goods and services are called
a. physical capital. b. human capital. c. the production function. d. technology.