Someone who is risk-averse has
A) diminishing marginal utility of wealth.
B) constant marginal utility of wealth.
C) increasing marginal utility of wealth.
D) less marginal utility of wealth than someone who is risk-neutral.
Question 2
If a market produces a level of output below the competitive equilibrium, then
A) social welfare is not maximized.
B) consumer surplus might still be maximized.
C) the actual price will be below the equilibrium price.
D) social welfare might still be enhanced if a price ceiling keeps price below the competitive price.
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