Walter is just learning how to ski. He states that every time he goes skiing, he has more fun than the last time. This means his marginal utility of skiing is
a. increasing
b. constant
c. decreasing
d. zero
e. negative
A
You might also like to view...
If firms in a duopoly with homogeneous products compete on price, a Nash equilibrium is reached when each firm charges a price ________
A) equal to its average cost B) higher than its average cost C) equal to its marginal cost D) lower than its marginal cost
Which statement about income inequality is true?
a. Income inequality is the disparity between those with higher and lower incomes. b. Income inequality and poverty are synonymous terms. c. Income inequality applies to the condition of people who cannot afford necessities. d. Income inequality refers to the percentage of the population living below the poverty line.
Which of the following is a flow variable:
a. Income b. Money supply c. Wealth d. Debt
Anchoring is a type of ______ bias.
a. compartmentalizing b. endowment c. framing d. marginal utility