When the total utility from consuming one good is maximized, marginal utility is
A) maximized.
B) minimized.
C) zero.
D) positive.
Answer: C
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Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT:
a. maximize total costs b. maximize output, subject to a breakeven constraint c. maximize the happiness of the administrators of the NFP enterprise d. maximize the utility of the contributors e. a and c
Internal markets
A) are used to determine a transfer price. B) are common in corporate America. C) are part of a firm's vertical network. D) all of these choices.
All of the points inside a production possibilities frontier are ____; all of the points outside the production possibilities frontier are ____
a. efficient, inefficient b. optimal, irrational c. attainable, unattainable d. rational, zero-cost e. unattainable, efficient
The supply function
A. does not include technology. B. shows the relationship between the quantity supplied of X and variables other than its price. C. recognizes that the quantity of a good produced depends on its price and supply shifters. D. describes how much of good X will be produced at an alternative price of good X, given all the other variables being constant.