Consider a consumer of baked beefsteaks and fried fish fillets. Suppose the price of a plate of baked beefsteak is $8 and that of fried fish fillets is $10 at a restaurant. If the marginal utility of baked beefsteak to the consumer is 20 units, compute the marginal utility of fried fish fillets, assuming that the consumer is in equilibrium

A major characteristic of monopoly is that

A) no barriers to entry exist. B) the product is identical to that produced by other companies. C) a barrier to entry keeps out competitors. D) competition is intense. E) a few firms compete with each other.

Classifying a good as excludable means

A) that anyone who does not pay for the good cannot consume it. B) that consumption of the good generates no externalities. C) that a producer with patent or copyright protection can exclude any other producer from selling the product. D) that someone can be barred from consuming the good based on race, ethnicity, or some other irrelevant characteristic.