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Author Question: How are total and marginal utility related? What will be an ideal ... (Read 30 times)

krzymel

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on: Jun 29, 2018
How are total and marginal utility related?
 
  What will be an ideal response?

Question 2

Suppose a perfectly competitive market is in a long-run equilibrium when a permanent decrease in the market demand occurs. In the long run, which of the following definitely occurs?
 
  A) The price decreases.
  B) The number of firms decreases.
  C) The firms' marginal cost increases.
  D) Marginal revenue increases.


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komodo7

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Marginal utility is the change in total utility from consuming one more unit of a good.

Answer to Question 2

B


krzymel

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

bblaney

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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