Total utility may be determined by:
A. multiplying the marginal utility of the last unit consumed by the number of units consumed.
B. summing the marginal utilities of each unit consumed.
C. multiplying the marginal utility of the last unit consumed by product price.
D. multiplying the marginal utility of the first unit consumed by the number of units consumed.
Answer: B
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In the above figure, for a single-price monopolist producing at its profit-maximizing equilibrium price and quantity, the price elasticity of demand at this equilibrium will be
A) greater than 1 and the monopolist's total revenue is maximized. B) less than 1 and the monopolist's economic profit could be larger. C) equal to 1 and the monopolist's total revenue is maximized. D) greater than 1 and the economic profit is maximized but the total revenue is not.
Those goods having a calculated income elasticity that is negative are called:
a. producers' goods b. durable goods c. inferior goods d. nondurable goods e. none of the above