If you buy a good, its expected marginal value to you
a. is equal to its price
b. is greater than its price
c. is less than its price
d. may be less than or equal to but not greater than its price
e. may be greater than or equal to but not less than its price
E
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The free-rider problem is the reason way private markets are unlikely to achieve the efficient level of production of
A) normal goods. B) excludable goods. C) public goods. D) private goods.
Figure 7-12
Which of the graphs in Figure 7-12 shows a marginal physical product curve that exhibits first increasing and then diminishing marginal returns to sunlight?
A. (a) B. (b) C. (c) D. (d)
A sales manager is trying to create a pricing strategy for a new product: a home Wi-Fi signal booster. Which of the following facts is most relevant to estimating the point at which the marginal utility per dollar of the device drops to zero?
a. A competitor offers a highly similar, albeit cheaply made, product for an incredibly low price. b. Most homeowners will need only one, at most two, Wi-Fi signal boosters to cover the entire house. c. The margin of profit for most Wi-Fi signal boosters on the market is incredibly high. d. Most homeowners have problems with their Wi-Fi and would benefit highly from a signal booster.
The textbook suggests that rent controls
A. actually contribute to the housing shortage in the area where they are applied. B. are used in a government kickback scheme. C. actually contribute to the housing boom in an area where they are applied. D. have no effect on the local housing market.