If a person wishes to maximize their satisfaction from the consumption of a free product, they should consume until
A. marginal utility is maximized.
B. marginal utility is equal to total utility.
C. total utility is equal to zero.
D. marginal utility is equal to zero.
D. marginal utility is equal to zero.
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Refer to Figure 4-4. What is the value of producer surplus at a price of $18?
A) $240 B) $300 C) $340 D) $720
According to Keynes, it is __________ to have __________ holding money
A) possible; capital gains or losses from B) impossible; capital gains and losses from C) possible; a higher opportunity cost of D) impossible; a lower opportunity cost of
There has been a massive relocation of heavy industry from the U.S. Northeast and upper Midwest to the "Sun Belt."
Indicate whether the statement is true or false
Higher prices for natural resources are
a. a natural and inevitable result of resource depletion. b. not possible for more than a short time, as technological advances clearly guarantee falling resource prices. c. not the story of the last two centuries, because resource prices have declined through most of this period. d. the major cause of resource shortages in the world.