Jack Sprat could eat no fat, his wife could eat no lean. And so betwixt them both, they licked the platter clean. Which of the following is true about Jack and his wife?
A. Marginal utility of fat is falling for Jack; marginal utility of lean is falling for his wife.
B. Marginal utility of fat is negative for Jack; marginal utility of lean is negative for his wife.
C. Marginal utility of lean is negative for Jack; marginal utility of fat is negative for his wife.
D. Marginal utility of lean is rising for Jack; marginal utility of fat is rising for his wife.
Answer: B
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Which statement is true?
A. Subsidy payments to farmers were almost completely phased out in 2007. B. The so-called new economy of the 1990s was neither new, nor very different from the economy of the previous 25 years. C. Until the time of the Great Depression, the United States was primarily an agricultural nation. D. There were no recessions during the presidency of Bill Clinton (January 1993-January 2000).
Marc is a high school graduate and currently works as a corrections officer at a local prison. He would like to go back to school to train to become a police officer someday. The best way to describe Marc is to say he is:
A. a discouraged worker. B. unemployed. C. underemployed. D. employed.
Which of following would most likely cause a firm to shut down?
a. the ATC curve moves further above P
b. the MC curve moves below P
c. the AVC curve moves above P
d. the ATC curve moves below P
The first antitrust law in the United States was the
A) FTC Act. B) Clayton Act. C) Sherman Act. D) Robinson-Patman Act.