Author Question: If the price of gasoline were 5, many people would stop buying gasoline while others would continue ... (Read 547 times)

waynest · **on:** Jul 1, 2018

If the price of gasoline were 5, many people would stop buying gasoline while others would continue to do so. This would indicate

A) those who are buying gasoline value it at least 5 per gallon.
B) those who are not buying gasoline value it more than 5 per gallon.
C) only those who are extremely wealthy are buying gasoline.
D) the price of gasoline needs to be regulated by the Federal Government.

Question 2

Which of the following is not a drawback of utilitarianism?

a. There exists no valid way to make interpersonal utility comparisons.
b. Is incompatible with the Pareto criteria.
c. It is not directly compatible with economic efficiency.
d. It implies social arrangements that most people would find objectionable.