Which of the following is true of utility?
a. The marginal utility obtained from the consumption of a unit of a good increase with each additional unit of the good.
b. Utility is a measure of a person's level of satisfaction from consuming a particular good
c. The utility from the consumption of a good increase as the price of the good increases.
d. Utility is an objective concept.
b
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Monopolies that price discriminate do so because
A) they are able to do so and no one else can. B) they can increase their profits. C) it keeps them out of trouble with the government. D) it is more efficient.
The rule of reason was applied in the:
a. Standard Oil case. b. U.S. Steel case. c. American Tobacco Trust case. d. All of these.
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
a. An increase in the price of wool shirts and a decrease in the price of raw cotton. b. A decrease in the price of wool shirts and a decrease in the price of raw cotton. c. An increase in the price of wool shirts and an increase in the price of raw cotton. d. A decrease in the price of wool shirts and an increase in the price of raw cotton.
Which of the following is not a result if the quantity supplied exceeds the quantity demanded in a market?
A. Deadweight loss B. Inefficiency C. Overproduction D. Shortage