Recently, Lisa's wealth increased by $500 . If her wealth were to increase by another $500 in the near future, then her utility would increase, but not by as much as it increased with the recent increase to her wealth. Based on this information, Lisa's utility function
a. and marginal utility function are both upward sloping.
b. and marginal utility function are both downward sloping.
c. is upward sloping and her marginal utility function is downward sloping.
d. is downward sloping and her marginal utility function is upward sloping.
c
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During what period did members of labor unions comprise the largest share of the labor force?
a. 1840-1860. b. 1875-1895. c. 1920-1940. d. 1950-1970. e. 1980-2000.
Which of the following is an advantage of mini-mills over vertically integrated giant mills?
a. The small size of mini-mills ensures economies of scale in steel production. b. The small furnaces used in mini-mills depend less on coal and more on electricity. c. The mini-mills do not require integration of casting and milling activities. d. The small furnaces used by mini-mills can be operated as per the producer's will.
Which of the following statements is not correct?
A. A price ceiling set at $9 would result in a surplus. B.A price floor set at $14 would be binding, but a price floor set at $8 would not be binding. C.A price ceiling set at $8 would be binding, but a price ceiling set at $12 would not be binding. D. A price floor set at $11 would result in a surplus.
The population of Alpha totals one million people, 40 percent of whom are employed. Average output per worker in Alpha is $20,000. Real GDP per person in Alpha totals:
A. $12,000. B. $8,000. C. $20,000. D. $50,000.