Table 19.2Quantity ConsumedTotal UtilityMarginal Utility115152 9330 4 3In Table 19.2, the marginal utility of the third unit is
A. 30.
B. 5.
C. 6.
D. 3.
Answer: C
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Suppose that firms are paying their "efficiency wage" rate and AD shifts leftward. Firms that lower wages and maintain production would
A) achieve lower profits since worker efficiency would fall and total wages paid increase. B) achieve lower profits since worker efficiency would fall and wages per unit of output increase. C) achieve higher profits. D) achieve lower per unit wage costs.
The above figure shows the market for a particular good. If the market is controlled by a perfect-price-discriminating monopoly, producer surplus equals
A) A + B + C + D + E. B) D + E. C) E. D) zero.
The argument that the minimum wage law has significantly increased teenage unemployment is not supported by recent statistical analysis
a. True b. False Indicate whether the statement is true or false
When free mobility of factors of production is added to a common market, the result is a customs union.
a. true b. false