Rembrandt paintings are expensive and not as vital for life as milk, which is cheap
Marginal utility theory explains this paradox of value: The total utility from a Rembrandt painting is ________ than the total utility from milk, and the marginal utility from a Rembrandt painting is ________ than the marginal utility from milk. A) smaller; smaller
B) smaller; larger
C) larger; smaller
D) larger; larger
B
Economics
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A) less likely the government is to tax the product. B) less likely the government is to impose a price ceiling. C) larger the fraction of any tax imposed on the product that is paid by the suppliers. D) less elastic the demand.
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The high point in the business cycle is referred to as the
A) turning point. B) peak. C) boom. D) trough.
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