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Question
Regretting a last unit of consumption of cake implies that
A) the total utility from eating cake was negative.
B) cake is an inferior good.
C) the marginal utility of the last unit of cake consumed was negative.
D) the demand curve for cake is horizontal.
Answer
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Related questions
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Refer to the above figure. At a price of $2 per gallon, there isA) a surplus of 20,000 gallons per month. B) a shortage of 40,000 gallons per month.C) a shortage of 80,000 gallons per month. D) a shortage of 60,000 gallons per month.
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Q:
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Markets tend to underallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Which of the following statements is FALSE?
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.