Suppose Enid could increase her total utility by purchasing one more book and one less video rental. Which of the following is true?
a. The marginal utility of video rentals exceeds the marginal utility of books.
b. The marginal utility of books exceeds the marginal utility of video rentals.
c. The marginal utility of video rentals is negative.
d. The marginal utility per dollar spent on books exceeds that of video rentals.
e. Total utility is at a maximum.
D
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Consider the straight-line demand curve illustrated in the figure above. At a price of $6, demand is
A) inelastic. B) elastic. C) unit elastic. D) More information is needed to determine if the demand is elastic, unit elastic, or inelastic.
During the antebellum period, the majority of the family labor on farms was devoted to investment type of activities—clearing land, constructing fences and buildings, and feeding and breeding livestock
Indicate whether the statement is true or false