A decrease in consumption will result in
A) both total utility and marginal utility decreasing.
B) total utility increasing, but marginal utility decreasing.
C) total utility decreasing, but marginal utility increasing.
D) both total utility and marginal utility increasing.
C
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The wage elasticity of labor demand is always negative.
Answer the following statement true (T) or false (F)
Read the following passage and then answer the question below.
The term “bounded rationality” describes a more realistic conception of human problem-solving ability. People might satisfice in some circumstances rather than trying to accurately calculate the best decision. Judging from context, what is the best definition for satisfice? a. to sacrifice present satisfaction for the promise of greater satisfaction in the future b. to forgo maximizing utility in one situation in order to maximize utility in another c. to alter one’s experience of satisfaction in order to maximize the satisfaction offered by an available good d. to find the option that provides the minimum level of satisfaction required
Consider a town with three residents. The residents' demand curves for various acres of a public park are shown below.
The public is willing to pay $14 for the ________ acre of parkland.
A. 2nd B. 6th C. 4th D. 8th
Which of the following countries (or regions) produces the most output annually?
A. Japan. B. United States. C. Germany. D. China.