Elijah has just eaten his second popsicle. Using the concept of marginal utility, we can say:
A. the utility he will gain from his third will reduce his total utility.
B. the utility he will gain from his third will not reduce his total utility.
C. the utility he will gain from his third will be less than that of his second but will increase his total utility.
D. the utility he will gain from his third will be less than that of his second and may reduce his total utility.
D. the utility he will gain from his third will be less than that of his second and may reduce his total utility.
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A natural barrier to entry is defined as a barrier that arises because of
A) technology that allows one firm to meet the entire market demand at lower average total cost than could two or more firms. B) patents or licenses that exclude others from producing a good or service. C) many firms producing the good and thereby allowing choice for all consumers. D) anticompetitive practices by a firm that keep other firms from producing. E) one firm owning a key natural resource.
Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, the equilibrium price is:
A) $3. B) $4. C) $5. D) $7.
Under the British Navigation Acts, enumerated goods were a list of colonial _______
a. exports showing how dependent the British were on the colonies. b. imports showing how dependent the colonies were on Britain. c. exports that had to be shipped through British middlemen. d. exports that were reserved for the crown.
Total producer surplus is the area below the equilibrium price and above the supply curve
a. True b. False Indicate whether the statement is true or false