Marginal utility is calculated as
A. total utility/change in number of units consumed.
B. total utility/number of units consumed.
C. change in total utility/number of units consumed.
D. change in total utility/change in number of units consumed.
Answer: D
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Marginal cost pricing means that a firm
A. Produces up to the output level at which MC = 0 for a given market price. B. Lowers market price to marginal cost for a given output. C. Produces up to the output where P = MC for a given market price. D. Lets marginal cost rise to the market price for a given output.
Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite
A. demand is perfectly elastic. B. demand is unit elastic. C. demand is elastic. D. demand is inelastic.
Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The ________ video game rental has a marginal utility of zero.
A. first B. second C. third D. fourth
Monthly payments on "exotic" mortgages are constant over the life of the mortgage.
Answer the following statement true (T) or false (F)