The term marginal utility denotes the amount by which ________ changes when consumption changes by ________ unit(s).
A. demand; 10
B. total utility; 10
C. total utility; 1
D. demand; 1
Answer: C
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Professor Parallax chooses two students in his economics class, Jasmine and Cassandra, to participate in the ultimatum game. He chooses Jasmine to be the allocator and Cassandra to be the recipient
He gives Jasmine $50 and as the allocator, she gets to decide how to split the money with Cassandra. If Cassandra decides to accept the amount allocated to her by Jasmine, both students get to keep the money. If Cassandra decides to reject her allocation, neither student gets to keep the money. How much will each student end up with if each student acts as if fairness is important? How much will each student end up with if only Cassandra acts as if fairness is important? How much will each student end up with if neither student cares about fairness?
A property of an asset that makes it desirable for use as a means of settling debts maturing in the future is a(n)
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
An abnormally large grain crop due to highly favorable weather conditions in the Midwest is an example of
What will be an ideal response?
The ratio of exports to GDP in the United States is small relative to that of other countries.
Answer the following statement true (T) or false (F)