Nona has just gone on a bike ride for an hour and says it gave her a utility of 7. If she chooses to continue to ride her bike for another hour:
A. we can assume she will get at least a marginal utility of more than 7.
B. we can assume she will get a marginal utility of 7.
C. we can assume she will get a marginal utility of less than 7.
D. we can assume Nona's total utility will fall because of diminishing marginal utility.
C. we can assume she will get a marginal utility of less than 7.
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In the above figure, if a single-price monopolist maximized its profit, the deadweight loss in the market is equal to the area
A) ace. B) acg. C) ecg. D) bch.
A concentration ratio measures
A) the average size of the firms in the industry. B) the sales of the three largest firms in the industry minus the costs of these three largest firms in the industry. C) the share of industry sales accounted for by the largest firms in the industry. D) the excess capacity found in a particular oligopolistic industry.