In the above table, marginal utility begins to diminish after consumption of the
A. second slice of pizza.
B. fourth slice of pizza.
C. fifth slice of pizza.
D. third slice of pizza.
Answer: A
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An “opportunity cost” may be described as
A. the value of what must be given up. B. the opportunity foregone. C. the value of the next best alternative. D. the correct measure of cost. E. All of these responses are correct.
As long as an additional worker hired by a firm produces
A) more output than the real wage rate, the firm will hire that worker. B) more output than the real wage rate, the firm will not hire that worker. C) less output than the real wage rate, the firm will hire that worker. D) some output, the firm will hire that worker. E) more output than the nominal wage rate, the firm will hire that worker.
If a consumer spends all of his or her income and the marginal utility per dollar is equal for all goods, then
A) marginal utility is maximized. B) total utility is maximized. C) a consumer could not be better off even with greater income. D) the proportion of income spent on each good must be equal.
Which of the following is an example of market governance?
a. A firm vertically integrating backward to own the necessary inputs b. A firm entering into a contract with input suppliers. c. A school recruiting a part-time teacher to cover for a permanent employee who falls very ill. d. A school requesting its permanent employees to cover for a teacher who suddenly falls ill.