We are maximizing our utility when the marginal utility of each good or service we purchase is _________ to its price.
Fill in the blank(s) with the appropriate word(s).
equal
You might also like to view...
Open market operations involve the purchase and sale of:
A) utility bonds B) corporate bonds C) municipal bonds D) government bonds
Seat belts are not cost-effective highway safety devices because so many of them must be installed and go unused that there cost is high
Indicate whether the statement is true or false
Which of the following might be a barrier to entry for a lumber company?
a. the development of a more efficient electric saw b. a competitor going bankrupt because of mismanagement c. a government restriction on logging d. a rise in the popularity of furniture made of maple
Suppose when the price of calculators is $18, the quantity demanded is 90, and when the price is $22, the quantity demanded drops to 70. Using the mid-point method, the price elasticity of demand is:
A. -25 B. - 1.25 C. - 20 percent D. - 25 percent