If the marginal utilities of the first 4 candy bars consumed are 10, 12, 9, and 7, respectively, the total utility derived from consuming 3 candy bars is
a. 3
b. 9
c. 25
d. 31
e. Total utility cannot be derived from marginal utility. On the other hand, marginal utility can be derived from total utility.
D
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Raising taxes and cutting spending are examples of ________
A) fiscal policy tightening B) fiscal policy expansion C) monetary policy tightening D) monetary policy expansion E) none of the above
Suppose a firm can charge a relatively low price to try to compete actively with its rivals, or it can charge a relatively high, collusive price
If its strategy is to charge the low price regardless of the other firms' decisions, this low-price is the firm's A) dependent strategy. B) independent strategy. C) dominant strategy. D) positive sum strategy.
Amber's Ambrosia's share of the delicacy market is 10% If the own price elasticity of the aggregate fast food industry is 0.8, what is the own price elasticity of Amber's fast food?
a. 5 b. 6 c. 7 d. 8
"The value of the next best alternative" defines
A. the Law of Increasing Costs. B. the economic problem. C. allocative efficiency. D. opportunity cost.