Refer to the above table. What is the marginal utility for the 3rd unit for Michael and for Rosie?
A. Michael: 270; Rosie: 270
B. Michael: 75; Rosie: 75
C. Michael: -10; Rosie: 20
D. Michael: 75; Rosie: 80
Answer: D
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A. addicts can never get enough. B. people will only consume their favorite goods and not try new things. C. demand curves slope downward. D. supply curves slope upward.
According to the income approach to measuring GDP, the largest income category is
A) profits. B) rent. C) wages. D) consumption expenditure. E) interest.
With a required reserve ratio of 20 percent, an increase in reserves of $10,000 could lead to a maximum increase in checking account deposits in the entire banking system of
A) $2,000. B) $8,000. C) $50,000. D) $100,000.
The marginal revenue product of labor is defined as
A) the change in the firm's output as a result of hiring one more worker. B) the change in the firm's revenue as a result of selling one more unit of output. C) the change in the firm's profit as a result of hiring one more worker. D) the change in the firm's revenue as a result of hiring one more worker.