Using the above table, if the price of Pepsi is $3, how many cans of Pepsi would have to be consumed in order to have a marginal utility to price ratio of 3?
A) one can
B) two cans
C) three cans
D) four cans
D) four cans
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The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called
A. utility. B. market failure. C. consumer demand. D. consumer surplus.
Which of the following statements about ACH transactions is false?
A) They reduce the likelihood of missed payments. B) They reduce transactions costs associated with check processing. C) They reduce the costs that lenders incur in notifying customers of missed payments. D) They typically involve digital cash.
Resources that flow through the circular flow model include all of the following except:
a. land. b. labor. c. capital. d. final goods.
An economy may be operating at a point inside the production possibilities curve if: a. technological progress enables the economy to produce quantities of output otherwise unattainable. b. a substantial amount of labor is unemployed
c. a substantial amount of machinery is idle. d. either b. or c. occur.