Sam decides to buy a $75 ticket to a particular New York professional hockey game rather than a $50 ticket for a particular Broadway play. We can conclude that Sam:
A) is relatively unappreciative of the arts.
B) obtains more marginal utility from the play than from the hockey game.
C) has a higher "marginal utility to price ratio" for the hockey game than for the play.
D) has recently attended several other Broadway plays.
Ans: C) has a higher "marginal utility to price ratio" for the hockey game than for the play.
You might also like to view...
Who was the effectively in charge of the Fed during the early 1930s?
A) Secretary of Treasury B) Head of the Federal Reserve bank of New York C) Comptroller of the Currency D) no one
If the Fed buys a T-bill from a commercial bank, how will it pay for the T-bill?
a. It will give the bank new reserves. b. It will write the bank a check. c. It will transfer cash to the bank's vault. d. It will take reserves from another bank.