Which statement is TRUE about Mr. McConaughey's marginal utility from spending time with family and friends and breaking a sweat?
A) The marginal utility Mr. McConaughey gets from the first hour of spending time with his family is less than the marginal utility from the first hour of breaking a sweat.
B) The marginal utility Mr. McConaughey gets from the third hour of spending time with his family is less than the marginal utility from the fourth hour of breaking a sweat.
C) The marginal utility Mr. McConaughey gets from the fourth hour of spending time with his family is greater than the marginal utility from the fourth hour of breaking a sweat.
D) The marginal utility Mr. McConaughey gets from the second hour of spending time with his family is greater than the marginal utility from the first hour of breaking a sweat.
A
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A good's Demand Curve is QD = 25 - P, and its Supply Curve is QS = 10 + 2P
a. When P = $20, what is the difference, if any, between QD and QS? b. When P = $3, what is the difference, if any, between QD and QS? c. What are the equilibrium values of P and Q?
Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect:
A. the prices of related goods, since other shoes will be less popular and cost less now. B. Jackie's preferences for shoes, since she feels as though she needs them now. C. Jackie's expectations of future prices, since the price of Converse will likely go up because they're getting so popular. D. Jackie's income, as she now needs to buy Converse and will have less to spend on other goods.