Refer to the information provided in Table 6.1 below to answer the question(s) that follow.
Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The total utility of five hamburgers per day is
A. 76.
B. 80.
C. 96.
D. indeterminate from this information.
Answer: B
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Which of the following is an example of a two-part tariff?
A) price discrimination based on the buyers' willingness to pay B) charging a hookup fee plus a monthly charge equal to marginal cost C) higher sales tax on specific products D) different prices based on the cost of production and quantity bought E) A regulated firm uses marginal cost pricing for some customers and average cost pricing for other customers.
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) relatively elastic. B) perfectly inelastic. C) perfectly elastic. D) relatively inelastic.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
Which of the following statements is true?
A. When the forces of supply and demand determine for whom goods are produced in a society, an equitable distribution of income will naturally result. B. An external benefit will occur when a third party enjoys some of the benefits derived from production of some good or service. C. One of the roles of the United States government is to provide a job to any able-bodied person who wants a job. D. The price mechanism will work well if there are at least two companies that are competing against each other.