This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In order to maximize utility, consumers _____. a. continue to make purchases until the marginal ... (Read 85 times)

Shelles

  • Hero Member
  • *****
  • Posts: 582
on: Jun 30, 2018
In order to maximize utility, consumers _____.
 a. continue to make purchases until the marginal utility of each good is zero
  b. compare the marginal utilities of the last dollar spent on each good
  c. equate the total utilities of each good consumed
  d. continue to purchase a good until total utility is equal to zero
  e. will continue purchasing till diminishing marginal utility is not achieved

Question 2

Which of the following must be true if the short-run average total cost curve is declining?
 a. Marginal cost is less than average total cost.
 b. Marginal cost is less than average variable cost.
  c. Marginal cost is greater than average total cost.
  d. Marginal cost equals average total cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

scikid

  • Sr. Member
  • ****
  • Posts: 300
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

a


Shelles

  • Hero Member
  • *****
  • Posts: 582
Reply #2 on: Jun 30, 2018
Correct answers!


scikid

  • Sr. Member
  • ****
  • Posts: 300
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Blocked at every turn by congressional Republicans who hated him, President Obama turned to techniqu Blocked at every turn by congressional Republicans who hated him, President Obama turned to techniqu
Booker T. Washington in his office at Tuskegee Institute, 1900. Washington chose a policy of accommo Booker T. Washington in his office at Tuskegee Institute, 1900. Washington chose a policy of accommo
Upsetting the entire social order, the French Revolution removed the past as a sure guide to the ... Upsetting the entire social order, the French Revolution removed the past as a sure guide to the ...
Metastasis Cancer Order Metastasis Cancer Order
Here, in alphabetical order, are 20 foods and 4 cultures. Here, in alphabetical order, are 20 foods and 4 cultures.
In order to encourage Canadians to avoid cross border shopping, Walmart Canada is striving to ... In order to encourage Canadians to avoid cross border shopping, Walmart Canada is striving to ...
Video: Phases of mitosis

For a complete list of videos, visit our video library