Refer to the accompanying table. The marginal utility of consuming the 2nd apple is:Number of ApplesTotalUtility120235345450545
A. 35.
B. 20.
C. 10.
D. 15.
Answer: D
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Which of the following is true about increasing cost industries? a. They use a large portion of available specialized input resources in production
b. In order for industry output to expand, the prices of the specialized inputs will increase. c. Expansion of industry output leads to a higher equilibrium price in the long run. d. All of the above are generally true of increasing cost industries.
What do you mean by Coase theorem?
What will be an ideal response?
If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will not sell any of what it produces.
A. equal to B. above C. below D. More information is needed to answer the question.
The figure above represents the behavior of total revenue as price falls along a straight-line demand curve. What is the price elasticity of demand if total revenue is given by point f?
A) Demand is inelastic. B) Demand is unit elastic. C) Demand is elastic. D) It is impossible to determine.