A restaurant offers an "all you can eat" meal for $9 . Tyrone has eaten three servings and is trying to decide whether or not to go back for a fourth. The economic way of thinking suggests that Tyrone should go back for the fourth serving if and only if
a. his marginal benefit of the additional serving is greater than zero.
b. his marginal benefit of the additional serving is at least $3.
c. his marginal benefit of the additional serving is $9 or more.
d. his total value from the meal exceeds $9.
A
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A report on GDP says that income fell. Then spending measured by GDP __.
A. might have risen B. must have risen C. might have fallen D. must have fallen
Refer to Figure 15-18 to answer the following questions
a. What quantity will this monopoly produce and what price will it charge? b. Suppose the government decides to regulate this monopoly and imposes a price ceiling of $25. Now what quantity will the monopoly produce and what price will it charge? c. Will every consumer who is willing to pay the ceiling price of $25 be able to buy the product? Briefly explain.