If Mary complains that she doesn't feel very well because she ate too many hotdogs, we would conclude that the marginal utility of the last hotdog eaten was
A. very large.
B. zero.
C. negative.
D. positive.
Answer: C
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If the demand curve fails to capture all of the benefits of consumption, then the:
A. the equilibrium price will be inefficiently high. B. the equilibrium price will be inefficiently low. C. equilibrium price will be efficient but the equilibrium quantity will be inefficiently large. D. government needs to impose regulations that require more consumption.
If the quantity demanded changes by an infinitely large amount for a given change in price, then demand is
A) perfectly inelastic. B) perfectly elastic. C) elastic. D) inelastic.
R&D lab organization The key assets of Prescott Pharmaceuticals are its capable R&D scientists who generate and evaluate countless new chemical compounds for possible product profitability. They had structured their various laboratories based on the
diseases and patient classes the new drugs would treat, e.g., skin cancer, COPD, Irritable Bowel Syndrome. Recently, the scientific discoveries have made biologicals, or "large molecules," a much more promising avenue of treatment. However, the skills required to synthesize, produce, and evaluate biologicals are represented by more narrow and distinct fields of study. Scientists benefit greatly from sharing knowledge gained within their own field but they have few skills that span across these fields. How does this change affect Prescott's organization of its scientists?
In July 2020, $1 was worth 45 Indian rupees and in July 2020, $1 was worth 55 Indian rupees. We can therefore conclude that
A. the Indian rupee depreciated. B. the value of the U.S. dollar has fluctuated. C. the Indian rupee appreciated. D. the U.S. dollar has depreciated.