If the marginal utility you derived from the first "steak burger" you ate was $4.00 and yet the cost of the "steak burger" was $2.00. Your marginal utility was definitely
A. positive.
B. zero.
C. negative.
D. less than a second steak burger you plan to eat.
A. positive.
You might also like to view...
Which of the following will most likely occur in the United States as the result of an unexpected rapid growth in real income in Canada and Mexico?
a. an increase in aggregate demand and output in the short run b. an reduction in aggregate demand and output in the short run c. a reduction in the price level d. a decrease in the natural rate of unemployment in the United States
Assume the bonds below have the same term and principal and that the state or local government that issues the municipal bond has a good credit rating. Which list has bonds correctly ordered from the one that pays the highest interest rate to the one that pays the lowest interest rate?
a. corporate bond, municipal bond, U.S. government bond b. corporate bond, U.S. government bond, municipal bond c. municipal bond, U.S. government bond, corporate bond d. U.S. government bond, municipal bond, corporate bond
In which decade was the poverty rate steady?
a. 1960s b. 1970s c. 1990s d. 2000s
In the standard Becker model of discrimination, each firm is associated with a discrimination coefficient of d > 0 and acts as if the wage paid to blacks is wB(1 + d) where wB is the actual hourly wage paid to blacks. In equilibrium, a threshold level of d, labeled d*, comes about that sorts firms based on hiring decisions. Which of the following is not an outcome of this model, assuming whites and blacks are equally productive?
A. In the long run, discrimination will be competed away in a competitive labor market. B. All discriminating firms hire only white workers. C. All firms with d > d* earn the same amount of profit. D. Profits fall as d increases as long as d < d*. E. All firms with d ? d* will employ all blacks or all whites.