We are maximizing our utility when the ______ of each good and service we purchase is equal to _______.
A. total utility; its price
B. marginal utility; its price
C. marginal utility; one
D. total utility; one
B. marginal utility; its price
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Based on the production data for Pat's Pizza Parlor in the above table, the average product of labor when 4 workers are hired is ________ pizzas
A) 8 B) 10 C) 11.25 D) 45
A consumer values a car at $30,00 . and a producer values the same car at $20,000 . If the transaction is completed at $24,000 . what level of tax rate will result in unconsummated transaction?
a. 0% b. 25% c. 20% d. 40%
The factor accounting for most of the earnings difference between equally educated and experienced men and women is that women
a. receive less pay for equal work. b. are segregated into low-paying occupations. c. receive comparable pay only when they do work of comparable value to the employer. d. are prohibited by law from doing certain kinds of work.
The real-income effect refers to
A) the law of diminishing marginal utility. B) the want-satisfying power of a good or service. C) substitution of less expensive commodities for more expensive commodities. D) the change in purchasing power when the price of a good changes.