The above table shows Priscilla's marginal utility from the two goods she consumes, pizza and Pepsi. A slice of pizza costs $4 and a can of Pepsi $2. Suppose Priscilla has $12 to spend
If the price of pizza decreases, Priscilla's preferences (her marginal utility schedule) for pizza A) will increase.
B) will decrease.
C) will not change.
D) may increase or decrease depending on what happens to the price of Pepsi.
C
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Refer to Figure 5-1. At the market equilibrium,
A) the marginal cost is less than the marginal benefit. B) the marginal cost is equal to the marginal benefit. C) the marginal cost is greater than the marginal benefit. D) the marginal cost is zero.
What do reports that the dollar is "undervalued" mean? How will foreign exchange markets respond to this information? Support your answer graphically
What will be an ideal response?
A monopolist that price discriminates
a. produces too much output to be efficient b. produces too little output to be efficient c. produces the efficient level of output d. charges a price equal to its marginal cost e. faces an upward sloping demand curve
“Discrimination based on gender may cause a regrettable redistribution of income in favor of males and at the expense of females, but it entails no loss to society as a whole.” Evaluate
What will be an ideal response?