Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:

The use of a dollar bill to buy a concert ticket represents the function of money as a:

a. medium of exchange. b. unit of account. c. store of value. d. all of these.

Risk is shifted to the owners of a firm. In return they receive

A) normal wages. B) residual income. C) normal profit. D) marginal profit.