John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
a. the total utility of travel always increases.
b. marginal utility of travel never decreases.
c. the law of diminishing marginal utility does not apply to travel.
d. marginal utility of travel is always zero.
e. extra travel yields zero consumer surplus.
a
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Profit is the difference between:
a. total output and total costs. b. total revenue and total costs. c. total revenue and total sunk costs. d. total output and total sunk costs. e. total revenue and opportunity costs.
Google gained its monopoly power in the market for internet-search service because it:
A. Is a licensed natural monopoly B. Was first to market and gained consumer loyalty C. Took over the market from older firms through creative destruction D. Advertised its services very heavily