Total utility can be positive even when marginal utility is negative.
Answer the following statement true (T) or false (F)
True
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Labor is defined as cheap only if its productivity is very low
a. True b. False Indicate whether the statement is true or false
Which of the following markets most closely resembles the characteristics of a perfectly competitive market?
A. The cable television industry B. The fast food restaurant industry C. The steel industry D. Hot dog vendors on city streets
Why does consumer surplus decrease when price increases?
A. Consumers buy less of the good at a higher price. B. Producers cannot sell as much to the consumer. C. Consumers buy less of the good at a lower price. D. Consumers buy more of the good at a higher price.
Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.Table 19.3Michael's Utility ScheduleUnits of ColaTU of ColaMU of ColaUnits of PretzelsTU of PretzelsMU of Pretzels14040130302 322 2039624366164112 478 5124 584 In Table 19.3 the marginal utility per dollar of the second cola is
A. 4. B. 12. C. 6. D. 10.