A consumer with unlimited income will continue consuming goods until
A. marginal utility equals total utility.
B. total utility rises.
C. the marginal utility of each is equal to zero.
D. the marginal utility of each is negative.
Answer: C
You might also like to view...
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
If a rise in the price of oranges from $7 to $9 a bushel increases the quantity of bushels supplied from 4,500 to 5,500 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.
Under monopolistic competition: a. there are significant barriers to entry
b. there are few barriers to entry. c. firms sell identical products. d. firms face perfectly elastic demand curves.
A nation can gain from international trade when the relative domestic prices of the nation differs from that in other countries, and it imports goods for which it is a high opportunity cost producer
a. True b. False Indicate whether the statement is true or false