An increase in the price of product A will:
A. increase the marginal utility per dollar spent on A.
B. decrease the marginal utility per dollar spent on A.
C. not affect the marginal utility per dollar spent on A.
D. cause utility-maximizing consumers to buy more of A.
Answer: B
Economics
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The term "industry concentration":
A) refers to the degree of product differentiation in an industry. B) is a measure of how many firms produce the total output of an industry. C) refers to how capital or labor intensive a particular industry is. D) is a measure of how many customers purchase the total output of an industry.
Economics
What is the profit-maximizing condition for the use of a resource?
What will be an ideal response?
Economics