Refer to the table below. When the consumer purchases the utility-maximizing combination of product X and product Y, total utility will be:
Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4 and the price of product Y is $2. The income of the consumer is $20.
A. 72
B. 84
C. 136
D. 156
D. 156
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A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. At what price will this firm sell the output?
A) $19 B) $38 C) $285 D) $570 E) There is not enough information given to answer the question.
Perfectly inelastic demand is represented by a demand curve which is ________, and relatively inelastic demand is represented by a demand curve which is ________
A) upward sloping; horizontal B) horizontal; downward sloping C) downward sloping; vertical D) vertical; downward sloping
Medicaid and SNAP (food stamps) are:
a. available only to families. b. counterproductive. c. forms of in-kind assistance. d. forms of cash assistance. e. both c and d.
One way insurance firms reduce moral hazard costs is by doing which of the following?
a. charging the buyer lower payments regardless of whether the buyer engages in risky behavior b. making buyers prove they will not engage in risky behavior before they may buy insurance c. charging the buyer higher payments regardless of whether the buyer engages in risky behavior d. making the buyer pays some of the costs in the form of deductibles and co-pays