The marginal utility of a unit of good X
a. is always greater than the total utility of X.
b. is always less than the average utility of X.
c. generally depends on how much X the consumer already has.
d. is always equal to the price of X.
c
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If you have $10,000 to start a lawn-cutting business, the interest rate is 4 percent, your cost of equipment is $3,000, and the earnings you sacrifice from working at another job are $32,000, your yearly cost of doing business would be
A) $13,000. B) $13,400. C) $35,400. D) $45,000.
Mary takes 4 minutes to make a sandwich and 6 minutes to mix a cocktail. Her sister Ash takes 4 minutes to make a sandwich and 4 minutes to mix a cocktail. Calculate each sister's opportunity cost
Which of the two sisters has an absolute advantage in making sandwiches? In mixing cocktails? Which of the two has a comparative advantage in making sandwiches? In mixing cocktails?
A sharp increase in stock prices makes people much wealthier. If the main effect of this increased wealth is felt on labor supply, what happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.
A home mortgage is a particular type of loan used to buy a house where the house serves as the collateral for the mortgage.
Answer the following statement true (T) or false (F)