Net utility is
a. equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it.
b. equal to the sum of the marginal utilities.
c. equal to an optimal number easily calculated by the consumer.
d. always greater than total utility.
a
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In a two-person repeated game, a tit-for-tat strategy starts with
a. cooperation and then each player mimics the other player's last move. b. cooperation and then each player is unresponsive to the strategic moves of the other player. c. noncooperation and then each player pursues his or her own self-interest. d. noncooperation and then each player cooperates when the other player demonstrates a desire for the cooperative solution.
If consumption is greater than disposable income, it follows that
A) interest rates are rising. B) the budget deficit is shrinking. C) saving is negative. D) the multiplier is inoperative. E) none of the above