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Question
When comparing two goods for purchase, it is useful to acknowledge the marginal utility and the dollar price. The optimizing decision requires choosing the good with the
a. higher total utility per dollar.
b. higher marginal utility per dollar.
c. lower marginal price.
d. higher marginal utility.
e. equivalent marginal and dollar prices.
Answer
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Related questions
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Price gouging laws will usually result in ________ the product in the distressed market.
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c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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Q:
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What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
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Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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b. Prices in the legal market in the community with a binding price ceiling will fall.
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Q:
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e. The supply of jelly will decrease and the price will increase.
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Q:
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Q:
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