If you received negative marginal utility from consuming the 4th slice of pizza, then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza
Indicate whether the statement is true or false
TRUE
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In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month. Now suppose that demand increases
The increase in demand results in the quantity supplied A) increasing. B) staying the same. C) decreasing. D) increasing, staying the same, or decreasing depending on how much demand increases.
If, for the last unit of a good produced by a perfectly competitive firm, MR > MC, then in producing it, the firm
A) added more to total costs than it added to total revenue. B) added more to total revenue than it added to total cost. C) has minimized its losses. D) is maximizing marginal profit.
Personal consumption spending is the most sensitive component of aggregate demand to monetary policy
a. True b. False Indicate whether the statement is true or false
Which of the following statements illustrates diminishing marginal utility?
a. An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person. b. An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person. c. An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person. d. An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.