The following table lists the utility that Sarah receives from consuming bananas at $0.25 a banana. What is the marginal utility of consuming the fourth banana?Number of bananasTotal utility00110222332440546
A. 40
B. 8
C. 32
D. 2
Answer: B
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Economists use the term wealth to mean
A) what a person earns. B) a person's investment. C) what a person owns. D) the amount of income that is spent and not saved. E) the same thing as income.
Why is a perfectly competitive firm said to be a price taker?
a. It produces such a good which is not produced by any other firm in the market. b. It faces a downward sloping market demand curve. c. The firm's individual production is insignificant relative to the production in the industry. d. There are no barriers to the entry of new firms in the industry. e. The firm's marginal-revenue curve is downward sloping.
Which of the following observations concerning price discrimination is true?
A. It only occurs in monopolies. B. It is easier for a monopolist than for a firm that is affected by competition. C. It means that sales to all customers are equally profitable. D. It is considered as a bad business practice under all circumstance.
Which of the following is an example of a public good?
A. A weather warning system. B. A television set. C. A sofa. D. A bottle of soda.