The additional utility that George receives from consuming one more slice of pizza is called
A) average utility.
B) marginal utility.
C) total utility.
D) diminishing utility.
Answer: B
Economics
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If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25, then total cost at this output level is:
A. $93.75 B. $97.78 C. $750 D. $880
Economics
Suppose the United States can produce 2,000 cars or 2,000 trucks. Japan can produce either 2,000 cars or 1,000 trucks. In terms of car production, we can conclude that
A. The United States has a comparative advantage. B. The United States has an absolute advantage. C. Japan has an absolute advantage. D. Japan has a comparative advantage.
Economics