Given the above figure, when David eats a third piece of pizza his marginal utility is ________ and his total utility is ________.
A. rising; falling
B. falling; falling
C. falling; rising
D. rising; rising
Answer: C
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The price of the good multiplied by the quantity sold is its
A) total revenue. B) total cost. C) total spending. D) total income. E) total quantity.
Refer to Table 2-19. Which of the following statements is true?
A) Betty has an absolute advantage in making benches and Wilma in making statues. B) Wilma has an absolute advantage in making both products. C) Betty has an absolute advantage in making both products. D) Betty has an absolute advantage in making statues and Wilma in making benches.
Consider two goods-one that generates external benefits and another that generates external costs. A competitive market economy would tend to produce: a. too much of both goods, relative to the social optimum
b. too little of both goods, relative to the social optimum. c. too much of the good that generates external benefits relative to the social optimum, and too little of the good that generates external costs. d. too little of the good that generates external benefits relative to the social optimum, and too much of the good that generates external costs.
The price received by sellers in a market will decrease if the government
a. increases a binding price floor in that market. b. increases a binding price ceiling in that market. c. decreases a tax on the good sold in that market. d. None of the above is correct.