Marginal utility can fall even as total utility from the consumption of a good is rising.
Answer the following statement true (T) or false (F)
True
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Two goods are complements if an increase in the price of one good leads to an increase in demand for the other
Indicate whether the statement is true or false
At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . Assuming a rational player, how much should the game owner charge the player, to maximize his own profit?
a. $30 b. $40 c. $50 d. $80
Use an isocost-isoquant diagram to explain how a firm determines the least cost combination of labor and capital to produce a given level of output. What is true of the marginal product per dollar at the least cost combination of capital and labor? Why?
What will be an ideal response?
Refer to Table 9-3. What is the value of the bank's total reserves?
A) $25 million B) $75 million C) $100 million D) $200 million