The marginal utility of a second copy of today's New York Times is
a. infinite
b. practically zero
c. positive and greater than the marginal utility of the first copy
d. equal to the marginal utility of the first copy
e. 50 cents
B
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Jessica's marginal cost for producing a pitcher of lemonade is $0.25. Therefore, $0.25 is her:
A. reservation price. B. producers surplus. C. marginal revenue. D. equilibrium price.
Which of the following is an example of a transfer payment?
a. wages paid to military personnel
b. benefits paid to Social Security recipients
c. purchase of aircraft by the Department of Defense
d. payments made to a contractor for construction of a highway
The law of demand refers to the:
A. inverse relationship between the price of a good and the quantity of a good that people are willing to buy. B. price increase that results from an increase in demand for a good of limited supply. C. inverse relationship between the price of a good and the quantity offered for sale. D. increase in the quantity of a good available when its price increases.
If the price index last year was 1.0 and today it is 1.4, what is the inflation rate over this period?
A. 40% B. 4% C. -4% D. 1.4%