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Question
If a person claims, ʺI wouldnʹt eat liver if you paid me,ʺ we can assume that his marginal utility of liver is
A) positive.
B) positive, but decreasing.
C) zero.
D) negative.
Answer
This answer is hidden. It contains 1 characters.
Related questions
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Q:
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Q:
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Q:
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Q:
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Q:
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Q:
Why should a perfect competitor produce at which price equals marginal cost?
Q:
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Q:
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Q:
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Q:
Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firmʹsA) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000.C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
Q:
ʺThe slope of the demand curve gives the elasticity of demand.ʺ Do you agree or disagree?
Why?
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