Total utility is determined by:
a. multiplying the quantity purchased of a good by the price of the good.
b. finding the additional utility gained from consuming one more unit of a product.
c. summing the marginal utilities for each successive units of a product consumed.
d. summing the number of units of a good consumed.
e. dividing the marginal utility derived from consuming a good by its price.
c
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Which of the following could potentially capture the value created in a market
a. Suppliers b. Industry rivals c. Buyers d. All of the above
Figure 33.2 illustrates Lorenz curves for four different economies. For which economy would lower-income families receive the largest share of total income?
A. A. B. B. C. C. D. D.
When disposable income is 3750, the APC is about
A. .3.
B. .45.
C. .6.
D. .75.
In a Bertrand model, market power is a function of
A) marginal cost. B) the number of firms. C) price elasticity of supply. D) product differentiation.