Marginal utility is calculated as
A) total utility/number of units consumed.
B) change in total utility/number of units consumed.
C) change in total utility/change in number of units consumed.
D) total utility/change in number of units consumed.
Answer: C
Economics
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Accounting profits are typically
A) greater than economic profits because accounting profits do not include explicit costs. B) greater than economic profits because accounting profits do not include implicit costs. C) smaller than economic profits because accounting profits do not include explicit costs. D) equal to economic profits in the long run.
Economics
An industry supply curve is the horizontal summation of the supply curves of all of the individual firms.
Answer the following statement true (T) or false (F)
Economics