Julie's total utility from cheeseburgers is given in the table above. What is the marginal utility of the third cheeseburger?
A) 86
B) 28.7
C) 20
D) 14
C
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There are only two goods for John to consume: food and clothing. If clothing is an inferior good for John when his income rises to $100,000, then food is
A) also an inferior good. B) a normal good. C) Either inferior or normal could be possible. D) Not enough information
This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was the highest c. there were not many other bidders you had to beat out d. you did not shade your bid enough
Savers supply funds to those who want to borrow for their investment spending needs in the:
A. market for loanable funds. B. market for savings. C. market for interest rates. D. stock market.
Which of the following must be true if the short-run average total cost curve is declining? a. Marginal cost is less than average total cost
b. Marginal cost is less than average variable cost. c. Marginal cost is greater than average total cost. d. Marginal cost equals average total cost.