On Thanksgiving, Jake's mother gives him a huge platter of food. If Jake were to keep eating just to please his mother (even when he really wanted to stop long ago), his marginal utility of eating that last bite would be
a. the same as his total utility
b. large
c. minus one
d. positive
e. negative
E
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An important difference between a perfectly competitive market and a monopolistically competitive market is that, in the latter,
a. there are more sellers of the good b. there are only a few large sellers c. there are no barriers to entry or exit d. there is only one seller of the good e. the product is not standardized
The factor-price equalization theorem tells us that free trade between two countries should result in
A. all workers in the two countries having the same skill level. B. all workers in the two countries earning the same wage rate. C. all workers of the same skill level earning the same wage rate in the two countries. D. all input prices being equal within each country.