Are your total and marginal utility of ice cream schedules determined by the price of ice cream?
What will be an ideal response?
No. Your total and marginal utility are determined purely by how much or how little you like ice cream. If you like it a lot, your marginal utility will be higher than otherwise for each additional ice cream scoop you consume and that will cause your total utility to be higher.
Economics
You might also like to view...
Which of the following groups gain from international trade?
i. producers of exported goods ii. domestic consumers of imported goods iii. workers in exporting firms A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
Economics
Frictional unemployment is to ________ as structural unemployment is to ________
A) search; mismatch B) temperature; rigidity C) job training; output gap D) all of the above E) none of the above
Economics