If Katie purchases two slices of pizza and six breadsticks to maximize her total utility, then
A) a slice of pizza costs three times as much as a breadstick.
B) a breadstick costs three times as much as a slice of pizza.
C) her marginal utility from the second slice of pizza divided by the price of a slice of pizza is equal to her marginal utility from the sixth breadstick divided by the price of a breadstick.
D) Both answers A and C are correct.
C
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If you compared the short-run demand and long-run demand for education at your college, you would almost certainly find that
a. the long-run demand curve was steeper than the short-run demand curve. b. a tuition increase would reduce enrollment more in the long run than in the short run. c. a reduction in tuition would increase enrollment in the short run but not in the long run. d. the short-run and long-run demand curves were identical.
The decision on the DuPont cellophane case of 1956 dealt with the issue of:
A. Unfair advertising practices B. Determining the relevant market for a particular product C. DuPont's ownership of General Motors stock D. Price fixing in the chemical industry