Refer to the accompanying figure. The marginal utility of the 7th pizza is
A. 100.
B. -5.
C. 5.
D. -100.
Answer: B
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Assume the exchange rate is 1 U.S. dollar equals 1.10 Canadian dollars. If purchasing power parity is correct, a DVD that has a price of $10 in Rochester, New York, in Canada has a price of ________ Canadian dollars
A) 10.00 B) 10.10 C) 11.00 D) 11.11 E) 9.09
Doug's Dog Grooming is a perfectly competitive firm charging $5 per dog grooming
Doug's Dog Grooming has the total and marginal product of labor schedules in the above table and can hire workers from a perfectly competitive labor market for $15 per hour. What is the value of marginal product of the third worker? A) $5 B) $25 C) $15 D) $375
Assume that the professors at a local college have gone without a pay increase for 4 years during a tough time. Suppose that things start to look up and the President of the college wants to make up for lost time. If the CPI in 2002 was 150 and 175 in 2006, how much will salaries have to increase to bring the faculty back up to their real income from 2002?
a. 175.0% b. 150.0% c. 25.0% d. 16.7% e. 14.3%
The price at which a monopolistically competitive firm sells its product:
A. produces economic profits in both the long run and the short run. B. exceeds the marginal cost of production. C. is less than the marginal cost of production. D. equals the marginal cost of production.