A local restaurant offers an "all you can eat" buffet for $15 . Mia eats four servings but leaves half of a fifth helping uneaten. Why?
a. Her marginal value of a serving of brunch has fallen below $15.
b. Her marginal value of a serving has fallen below $3 ($15 divided by 5 servings).
c. Her marginal value of food has fallen to zero.
d. The total value she places on the buffet exactly equals $15.
C
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Court rulings in the 19th century
(a) tended to favor business and profit-making activities. (b) tended to protect traditional amenity rights of property, such as the right to clean air, clean water, scenery and quiet enjoyment of property. (c) tended to favor small business activities over big business corporate activities. (d) tended to promote worker safety and ensure that employers were fully liable for worker injuries, should they occur.
Assuming a homogeneous product, the Bertrand equilibrium price is
A) independent of the number of firms. B) independent of the firm's marginal costs. C) equal to the Cournot equilibrium price. D) equal to the monopoly price.