The total utility of water is
A) lower than the total and marginal utility of diamonds.
B) lower than the total utility of diamonds, but the marginal utility is higher.
C) higher than the total utility of diamonds, but the marginal utility of diamonds is higher.
D) the same as the total utility of diamonds, but the marginal utilities are the same.
Answer: C
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In the figure above, if the market for jackets were perfectly competitive, in long-run equilibrium, each firm would sell ________ jackets per day at ________ per jacket
A) 132; $122 B) 100; $130 C) 100; $80 D) 128; $114
Which of the following is an example of a vertical merger?
A) Northeastern Illinois University merging with McDonald's. B) Northeastern Illinois University merging with a training academy for new professors. C) Northeastern Illinois University merging with Roosevelt University. D) Northeastern Illinois University going from a public to a private university.