Refer to the accompanying table. Total utility ________ as additional apples are consumed, but marginal utility ________ with each additional apple consumed.Number of ApplesTotalUtility120235345450545
A. first decreases then increases; decreases
B. first increases then decreases; decreases
C. first increases then decreases; increases
D. first decreases then increases; increases
Answer: B
You might also like to view...
Why do economists measure responsiveness of demand to price in percentage changes rather than in absolute changes?
What will be an ideal response?
Consumers who do not consistently discount the future over time are likely to ________
A) under-report their taxable income B) be unprepared financially for retirement C) opt in to employer-sponsored savings plans D) make excessive sacrifices on behalf of their children
When Fidel Castro came to power in Cuba in 1959, Cuba's exports were predominantly sugar and tobacco and these exports made up a relatively large part of its economy. To counter this dependence on two goods, Castro's economic advisers used which of the following arguments to persuade him to impose trade restrictions?
a. comparative advantage argument b. infant industries argument c. national security argument d. antidumping argument e. diversity of industry argument
Which of the following refers to the extra cost of shifting to more expensive home production following the imposition of a tariff?
A. Revenue effect B. Deadweight loss C. Producer surplus D. Production effect