Marginal utility is _____
a. always greater than total utility
b. utility that is not as good as normal utility
c. the extra utility derived from consuming one additional unit of a good or service
d. always positive
e. not related to total utility
c
Economics
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If a firm wants to maximize profits it should
A) hire lots of capital and very little labor since labor needs to be trained. B) hire unskilled labor rather than skilled labor since unskilled labor is cheaper. C) equate the marginal physical product for each input to the price of the input. D) equate the marginal revenue product for each input to the price of the input.
Economics
In recent years, the national debt was about 120 percent of the U.S. GDP
a. True b. False Indicate whether the statement is true or false
Economics