The marginal utility of a unit of good X
A. is always greater than the total utility of X.
B. is always less than the average utility of X.
C. generally depends on how much X the consumer already has.
D. is always equal to the price of X.
Answer: C
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Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?
A) Fewer firms to compete with B) Lower prices for many goods C) Increase in the volume of exports and imports D) Improved overall economic welfare
In 2008, the Los Angeles Times asked members of the American public whether free international trade has helped or hurt the economy. Of those surveyed,
a. 57 percent said free international trade helped the economy. b. 26 percent said free international trade helped the economy. c. 30 percent said free international trade hurt the economy. d. 16 percent said free international trade hurt the economy.