Which of the following is likely to occur as the result of the law of diminishing marginal utility?
A) Petra's utility from her second apple was less than her satisfaction from her first orange.
B) Hudson enjoyed his second slice of pizza more than his first.
C) Sabine's utility from her first granola bar is greater than Rachel's utility from her second granola bar.
D) Wesley enjoyed his second bottle of iced tea less than his first bottle, other things constant.
Answer: D
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If a seller can sell 5 units at $8 each and can sell a 6th unit separately for $7 (the people willing to pay $8 don't learn about the reduced price), the marginal revenue from selling the 6th unit is
A) $47. B) $7.50. C) $7. D) $2. E) none of the above.
In Europe during the 14th century, the Black Plague killed 24 million people or close to 37 percent of the population. How would this affect the production possibilities curves for the countries of Europe at that time?
a. The production possibilities curves for these countries would have shifted outward. b. The production possibilities curves for these countries would have shifted inward. c. The production possibilities curves for these countries would have been unaffected. d. This would have been illustrated by a movement along the production possibilities curves for these countries, but it would not have shifted them.