Linus has just watched two hours of TV. We can say:
A. his second hour of watching TV likely reduced his total utility.
B. his second hour of watching TV likely added less to his total utility than did the first.
C. if he watches a third hour it will likely decrease his total utility.
D. if he watches a third hour it will likely increase his total utility by at least as much as the second.
B. his second hour of watching TV likely added less to his total utility than did the first.
You might also like to view...
If the fundamental value of the exchange rate is ________ than the official (fixed) exchange rate, the country has an ________ problem, and it will gain reserves
A) less; overvaluation B) greater; overvaluation C) less; undervaluation D) greater; undervaluation
A person will be maximizing their utility when
A. the marginal utility of product A is greater than the price of product A. B. the price of product A is greater than the marginal utility of product A. C. the price of product A = the marginal utility of product A.
The type of goods being imported has changed from primarily low-tech goods to agricultural goods.
Answer the following statement true (T) or false (F)
Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.