The fact that rubies are more expensive than milk reflects the fact that for most consumers
A) the total utility from rubies exceeds that from milk.
B) the marginal utility from rubies equals that from milk.
C) more milk is consumed than rubies.
D) a quart of rubies is considered to be prettier than a quart of milk.
C
You might also like to view...
The demand for labor curve
A) is downward sloping because productivity of labor diminishes as more workers are employed. B) is upward sloping and the supply curve of labor is downward sloping. C) is upward sloping because productivity of labor diminishes as more workers are employed. D) shifts rightward when the real wage rate rises.
A tariff is a tax that is imposed by the ________ country when an ________ good crosses its international boundary
A) exporting; imported B) importing; exported C) exporting; exported D) importing; imported