The table below shows how the total utility that Alan derives from watching basketball games changes as he watches more and more games each week:
Basketball Games Total Utility Marginal Utility
1 55
2 85
3 110
4 130
5 145
6 155
Fill in the table above. Do the numbers in the table support the law of diminishing marginal utility? Explain.
Yes, the numbers in the table show diminishing marginal utility. Marginal utility falls as each additional basketball game is watched.
Basketball Games Total Utility Marginal Utility
1 55 55
2 85 30
3 110 25
4 130 20
5 145 15
6 155 10
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A) It refers to a firm's revenue. B) It is also called profit income. C) It goes to the firms. D) It accounts for less than 35% of income in advanced countries.
If the economy was operating at point O (where the two axes come together), we would have an unemployment rate of ______ percent.
A. 5
B. 50
C. 95
D. 100