Refer to the accompanying table. The marginal utility of the 3rd dinner is:Number of DinnersOut Per WeekTotal UtilityMarginal Utility1100 2 753235 4250
A. 160.
B. 60.
C. 75.
D. 135.
Answer: B
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Perfect price discrimination:
A. requires each customer to pay exactly his or her willingness to pay. B. maximizes consumer surplus. C. is not efficient. D. minimizes producer surplus.
Which of the following is true?
a. Producing too much pollution could be a market failure, but producing too little research cannot. b. Producing too little research could be a market failure, but producing too much pollution cannot. c. Both producing too much pollution and producing too little research could be market failures. d. Market failures mean that government intervention in those areas will improve the results.
Economic models do not have to completely describe every aspect of the economy in order to be useful
a. True b. False
Exhibit 7-2 Total revenue and total cost graph
?
In Exhibit 7-2, economic profit for the firm is at a maximum when output per week equals:
A. 100 units. B. 200 units. C. 250 units. D. 300 units.