Water is very inexpensive. Thus the marginal and total utility of ...

[Sportsfan2111]

Water is very inexpensive. Thus the marginal and total utility of water is small. Analyze the previous statements.
 
  What will be an ideal response?

Question 2

Globalization means that firms recruit top talent from the global talent pool. Globalization means that the payoffs won by the contest winners ________.
 
  A) increase in size
  B) do not change in size
  C) might increase, decrease, or not change depending on whether the demand for contests changes by more than, less than, or the same amount as the supply of contests.
  D) decrease in size

[nothere]

Answer to Question 1

Parts of the statement are true but a key part is false. Water is, indeed, very inexpensive and so its marginal utility is small. Because water is so inexpensive, the quantity people buy is large, which is why its marginal utility is small. However, water is essential to life. Hence the total utility of water is immense.

Answer to Question 2

A

[Sportsfan2111]

YES! Correct, THANKS for helping me on my review

[chereeb]

Thanks for the timely response, appreciate it