If total utility increases when you consume more of a good, then marginal utility must also be increasing as consumption rises.
a. true
b. false
b. false
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Refer to Common Property II. If access cannot be prohibited, then users of the common property receive a surplus of
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. zero.
b. area I.
c. area F + G + H + I.
d. area A + C + F + I.
Which of the following is TRUE regarding the long run for a firm in monopolistic competition?
A) P = MC = ATC B) P = MC = MR C) ATC = MC = MR D) P = ATC
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table, at what level of output is its marginal revenue maximized?
A. 2,400 B. 2,800 C. 3,200 D. 3,600
The World Trade Organization (WTO):
A. sets tariffs to balance international trade among nations. B. is the successor to NAFTA. C. hears and rules on trade disputes between nations. D. sets exchange rates to balance international trade among nations.