Utility is
a. easily measured because all people derive the same utility from consumption
b. easily measured because it is an objective concept
c. easily measured because it is a subjective concept
d. hard to measure because it is a subjective concept
e. hard to measure because it is an objective concept
D
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Refer to Table 2-2. Assume Nadia's Neckware only produces ascots and bowties. A combination of 8 ascots and 18 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.
In the long run, a profit-maximizing firm will choose to exit a market when
a. average fixed cost is falling. b. variable costs exceed sunk costs. c. marginal cost exceeds marginal revenue at the current level of production. d. total revenue is less than total cost.