Suppose Carrie's utility function for clams is as follows: If she consumes 1 clam, she gets 10 units of total utility; for 2 clams, she gets 18 units of total utility; for 3 clams, she gets 24 units of total utility; for 4 clams, she gets 28 units of total utility; for 5 clams, she gets 30 units of total utility; and for 6 clams, she gets 26 units of total utility
a. Carrie gets 6 units of marginal utility for the 5th clam.
b. Carrie gets 6 units of marginal utility for the 3rd clam.
c. Carrie would never choose to consume the 6th clam.
d. Both b. and c. are true.
d
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A) economic surplus; opportunity cost B) utility; average cost. C) marginal benefit; marginal cost D) net benefit; net cost
Which of the following is not an example of a capital input?
a. A person's skills and abilities, which can be employed to produce valuable goods and services. b. Tools and equipment. c. Factories and offices where goods and services are produced. d. Computers used by a company to record inventory, sales, and payroll.
Other things being equal, a reorganization of the OPEC cartel to permit it to increase world oil prices by 70 percent would most likely have which effect?
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When deciding to implement a congestion tax, economists and the government would use the elements of the economic way of thinking to primarily determine:
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