If the total utility derived from consuming three oysters was 40 utils and the total utility derived from consuming four oysters was 62 utils, what was the marginal utility derived from the consumption of the fourth oyster?

If Jacqueline is willing to accept $1 for a cupcake and Jameson is willing to pay $3 for a cupcake, the producer surplus will ________ if the negotiated price is $1.50 as opposed to $2.00

A) increase B) decrease C) not change D) All of the above are possibilities.

According to your text, the economic way of thinking focuses on

A) actions, interactions, and consequences. B) intentions, motivations, and results. C) hypothesis generation, determination of control group, and testing of hypothesis. D) id, ego, and superego.