When marginal utility is positive, total utility is
A. zero.
B. decreasing.
C. at its minimum.
D. increasing.
Answer: D
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Which short-run cost curve continually declines as output increases?
A. Average fixed cost B. Total cost C. Marginal cost D. Average variable cost
Which of the following cost functions exhibits economies of scope when three (3) units of good one and two (2) units of good two are produced?
A. C = 5 + Q1Q2 + Q12Q22. B. C = 50 ? 5Q1Q2 + 0.5Q12 + Q22. C. C = 15 + 5Q1Q2 + 2Q1 + 4Q2. D. C = 10 + 4Q1Q2 + Q12 + Q22.
Which of the following is false?
A. The monopolist and perfect competitor both produce where MC equals MR. B. A monopoly is a firm that produces all the output in an industry. C. If a monopolist is losing money, it is in the long run. D. Price is read off the demand curve for the monopolist.
Figure 8.2 presents a firm's marginal cost, average total cost, and average variable cost curves. The firm faces fixed costs of:
A. $20. B. $110. C. $130. D. $4000.