The first bottle of water increases Clarke's utility by 20 utils. The second bottle of water increases utility by 18 utils. The third bottle of water increases his utility by 15 utils. The marginal utility of the third bottle of water is 3 utils
a. True
b. False
Indicate whether the statement is true or false
False
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The small town of Narberth has two pizza stores. Which of the following statements are CORRECT?
I. The profits of each store depend on the price of the pizza at the other store. II. Both stores would increase their profit if they cooperated in setting their prices. A) I only B) II only C) Both I and II D) Neither I nor II
A macroeconomic model obeys the "natural rate hypothesis" by incorporating
A) the assumption of nominal wage stickiness. B) a vertical LAS curve. C) imperfect information. D) a vertical AD curve.
Suppose that a college professor is creating an exam in her university office. Which of the following would be an example of a factor of production used by the professor? (i) the professor's time (ii) a computer software program into which the professor types the exam questions (iii) the physical space of the professors office where she works when creating the exam (iv) the interest on the
professor's home mortgage a. (i) only b. (i) and (ii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)
A monopolist will hire workers up to the point at which the wage equals the marginal:
A. physical product of labor. B. cost of labor. C. physical product of labor times the price of output. D. physical product of labor times marginal revenue.