Refer to the following table. Fill in the table and answer the following question: What is the marginal utility of the ninth can of soda?Cans of SodaTotal utilityMarginal utility654 7 68 0954
A. 54 units of utility
B. ?6 units of utility
C. 2 units of utility
D. 0 units of utility
Answer: B
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According to the logic of the wage-price spiral, an increase in wages leads to ____________ in ___________, which in turn leads to _______ in _________.
Fill in the blank(s) with the appropriate word(s).
The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve.
Answer the following statement true (T) or false (F)
The ability of a monopoly to charge a price that exceeds marginal cost depends on
A) the price elasticity of supply. B) price elasticity of demand. C) slope of the demand curve. D) shape of the marginal cost curve.
A monopolistically competitive industry may feature
a. excess capacity. b. extraordinary profits. c. product differentiation. d. All of the above are correct. e. Only b and c are correct.