Marginal utility is defined as:
a. the extra satisfaction the consumer receives from an extra $1 of income.
b. the total level of satisfaction a consumer receives upon the consumption of a certain number of goods.
c. the number of hours a consumer would be willing to work to receive a certain product.
d. the extra satisfaction a person derives from consuming an additional unit of a good.
e. a comparison of the utility a good provides with the price of that good.
d
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Suppose a manager is deciding whether or not to purchase a piece of equipment to make an input internally and has completed the majority of the net present value (NPV) calculations. The manager has correctly calculated the NPV to be equal to: NPV = ($1.19 × Q) - $1,000,000, where Q is the annual quantity of the input the firm needs. In order for the NPV to be positive, the firm needs at least
________ units of the input each year. A) 840,337 B) 890,562 C) 952,260 D) 369,566
Which of the following is true for a profit-maximizing competitive firm in the long run but not a monopolist?
a. MC = MR b. MC = P c. AR = P d. Q > 0
Which statement is true?
A. The perfect competitor generally makes a profit in the long run. B. There are many firms in a perfectly competitive industry. C. A perfect competitor will sell below market price to get a larger market share. D. A perfect competitor never makes a profit.
The federal government's budget deficit __________ between 2008 and 2009.
A. remained stable at $459 billion B. increased from $459 billion to $1,413 billion C. increased by $1,413 billion D. decreased from $1,413 billion to $459 billion