Her marginal utility of her fifth scented candle would be
Table: Demand and Utility Schedules for packs of scented candles
A. $4.
B. $5.
C. $20.
D. $26.
A. $4.
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The use of signals in a market economy
a. makes everyone better off, even those people who choose not to obtain the signal. b. prevents the economy from reaching an equilibrium. c. lowers efficiency because the signals waste resources. d. is one way that the principal-agent problem can be avoided.
When the price of insulin is $10, consumers demand 100 units; when the price is $15, consumers demand 100 units; and when the price is $20, consumers demand 100 units. Based on this information, the demand for insulin is:
A. perfectly inelastic B. elastic C. unit elastic D. perfectly elastic
All other things being equal, an increase in the supply of labor will lead to a fall in the wage
a. True b. False Indicate whether the statement is true or false
Purchases of foreign assets by domestic firms or households is called a:
A. capital outflow. B. capital inflow. C. trade deficit. D. trade surplus.