As an individual increases his consumption of onion rings, it is likely that:
a. his marginal utility and total utility both increase
b. his marginal utility and total utility both decrease.
c. his marginal utility increases and his total utility decreases.
d. his marginal utility decreases and his total utility increases.
d
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In an attempt to maintain the peso exchange rate in 1994, the Mexican central bank
A) purchased dollars and sold pesos. B) sold both dollars and pesos. C) sold dollars and purchased pesos. D) purchased both dollars and pesos.
What is meant by the "law of one price"?
A) A law was passed in 1913 that made it illegal to sell the same good or service to different people for different prices. B) This is a section of the Sherman Act that forced trusts (for example, the Standard Oil Company) to charge the same price for the same good or service in different states. C) Foreign companies should not be allowed to sell a product in the United States for prices different from prices these companies charge in other countries. D) Identical products should sell for the same price everywhere.