Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, and 15, respectively. The marginal utility of the second unit consumed is:
A. 0.
B. 4.
C. 12.
D. 20.
Answer: B
You might also like to view...
Stewie enjoys watching DVDs and listening to his iPod. Suppose his utility function is given by U(D, I) = 3D + 4(D × I), where D is the number of hours he spends watching DVDs and I is the number of hours he spends listening to his iPod. Which of the following combinations will provide Stewie with the greatest amount of satisfaction?
A. 4 hours of watching DVDs and 8 hours of listening to his iPod B. 6 hours of watching DVDs and 6 hours of listening to his iPod C. 2 hours of watching DVDs and 10 hours of listening to his iPod D. 8 hours of watching DVDs and 6 hours of listening to his iPod
Although trade policies do not affect a country's overall trade balance, they do affect specific firms and industries
a. True b. False Indicate whether the statement is true or false
Figure 11-2
In Figure 11-2, at what quantity would the monopolist maximize profit?
a.
E
b.
F
c.
G
d.
H
What is the net effect of illegal immigration on total employment in the United States?
A. The net effect is zero, as illegal immigrant workers displace domestic-born workers on a one-for-one basis. B. Total employment increases, but with some substitution of illegal immigrants for domestic- born workers. C. Total employment decreases. D. Total employment increases, with no displacement of or substitution for domestic-born workers.