If a good is offered to you free of charge, then you
a. never stop consuming it
b. stop consuming it when its marginal utility begins to fall
c. stop consuming it when its marginal utility begins to increase
d. stop consuming it when its marginal utility equals 0
e. stop consuming it when its total utility equals 0
D
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The condition required for a consumer to be maximizing utility, for any pair of products, X and Y, is
A) MUX = MUY. B) MUX/PY = MUY/PX. C) PX = PY. D) PX(MUX) = PY(MUY). E) MUX/PX = MUY/PY.
The opportunity cost of going to an outdoor music festival is
A) the enjoyment you receive from going to the festival. B) the value of the time spent at the festival. C) equal to the highest value of an alternative use of the time and money spent on the festival. D) zero because there are no overhead costs for an outdoor festival. E) the cost of the festival ticket only.