Suppose a single-price monopoly sells 3 units of a good at $20 per unit. If the monopoly sells 4 units, the total revenue increases to $72. What price is being charged for 4 units?
A) $52 each
B) $18 each
C) $60 each
D) $12 each
E) $20 each
B
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What is an indifference curve?
A) It is a curve that shows the combinations of consumption bundles that give the consumer the same utility. B) It is a curve that shows the total utility and the marginal utility derived from consuming a bundle of goods. C) It is a curve that ranks a consumer's preference for various consumption bundles. D) It is a curve that shows the tradeoff a consumer faces among different combinations of consumption bundles.
In Alan Lakein's book How to Get Control of Your Time and Your Life, he divides time use into different levels called ABC, the C level stands for:
a. The most important activities b. Medium value activities c. Low-value activities d. None of the above are correct