As a general rule, the marginal utility derived from consuming a good will be less
a. if less rather than more of the good is consumed
b. as more of the good is consumed
c. only when total utility is at a maximum
d. only when the good is inferior
e. when less of another good is consumed
B
You might also like to view...
Suppose the income of buyers in a market for an inferior good decreases and a technological advancement occurs also. What would we expect to happen in the market?
a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. d. None of the above is correct.
A union requirement that a truck driver has to be hired to work in a train station would be an example of
A) work expansion. B) featherbedding. C) work requirements. D) work stabilization.
If a binding price ceiling were placed in the market in the graph shown:
A. the supply curve would have to shift. B. quantity supplied would exceed quantity demanded. C. quantity demanded would exceed quantity supplied. D. the demand curve would have to shift.
Suppose that an economy is currently producing at a point that lies inside of its production possibilities set. Which of the following would best explain this circumstance?
A) The prevailing level of technology prevents the economy from producing at a point closer to the frontier of the production possibilities set. B) The economy does not have enough resources to produce at a point closer to the frontier of the production possibilities set. C) The economy is experiencing a high level of unemployment. D) Any of the above statements could explain this situation. E) None of the above statements could explain this situation.