"I don't feel so good. I shouldn't have had that last doughnut." Which statement best describes this situation?
a. The marginal utility of the last doughnut was positive.
b. The marginal utility of doughnuts is still increasing.
c. The total utility from eating doughnuts is negative.
d. The marginal utility of the last doughnut was negative.
e. The marginal utility of the next doughnut will be positive.
D
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Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to
A) Canadian manufacturers. B) manufacturers who export to Canada. C) the Canadian government. D) Canadian consumers.
Marginal analysis is useful in economics, but not in other areas of life.
Answer the following statement true (T) or false (F)
Economic models do not have to completely describe every aspect of the economy in order to be useful
a. True b. False
High sunk costs in the jet aircraft market has assured Boeing of a monopoly in the production of jets for the air travel market.
Answer the following statement true (T) or false (F)