Michael consumes only steak and lobster. Suppose that the price of steak rises. After Michael is back at equilibrium, compared to the situation when steak was cheaper, the marginal utility from the last steak will
A) have increased.
B) not have changed.
C) have decreased.
D) not be comparable with the marginal utility before the price hike.
A
You might also like to view...
Explain the Taylor rule, including the formula for setting the federal funds rate target, and the components of the formula. If the Fed were to use this rule, how many goals would it use to set monetary policy?
What will be an ideal response?
Refer to the demand and supply equations. What are the equilibrium price and quantity?
What will be an ideal response?
Pam
A) was a prediction market used to predict terrorist attacks. B) is another cost of capital model like CAPM C) stands for Pricing Assets Management D) none of these choices
The M1 definition of the money supply includes, along with currency,
a. demand deposits and savings accounts b. demand deposits and credit cards c. demand deposits and debit cards d. demand deposits and travelers' checks e. travelers' checks and credit cards