Typically, an individual takes only one newspaper from the bin because
A. of the low marginal utility of additional newspapers.
B. marginal utility increases with the first consumption of newspapers.
C. total utility will rise with consumption of more than one newspaper.
D. there are limited amounts of newspapers in the bin.
Answer: A
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The following is not an example of risk aversion
a. you lock your garage when you have expensive workshop tools b. you are more careful when you buy a more expensive car c. Individuals tend to gamble more with their money when the future is uncertain d. you only go swimming when the lifeguard is on duty
If one person earns $20,000 per year and another person earns $80,000 per year, they both will pay the Social Security tax __________.
A. at the same average tax rate B. but the poorer person will pay at a higher average tax rate C. but the richer person will pay at a higher average tax rate D. but it is impossible to calculate their individual average tax rates
If a monopolist engages in price discrimination, it will:
A. realize a smaller profit. B. charge a higher price where individual demand is inelastic and a lower price where individual demand is elastic. C. produce a smaller output than when it did not discriminate. D. charge a competitive price to all its customers.
YearReal GDP (in billions of 2005 Dollars)Population (in Millions of People)1999$10,780279.632000$11,226282.4 Refer to Table 9.1. What was the growth rate of real GDP between 1999 and 2000?
A. 2.6% B. 1.1% C. 4.1% D. 3.0%