If the marginal utility of a third slice of pizza is negative, then consuming th
ID: 1101504 • Letter: I
Question
If the marginal utility of a third slice of pizza is negative, then consuming the third slice of pizza will lead to a(n):
A) Decline in total utility.
B) No change in total utility.
C) Total utility = zero.
D) Increase in total utility.
Is it A?
Game theory is useful in helping economists understand:
A) How monopoly firms determine the profit-maximizing level of output and price.
B) How monopolistically competitive firms set prices and output.
C) The differences between monopolistically competitive firms and oligopoly firms.
D) How oligopolists make strategic decisions that involve mutual interdependence.
Is it D?
Which of the following is NOT legislation (law) relating to labor unions?
A) The Landrum-Griffin Act (1959).
B) The National Labor Relations Act (also referred to as the Wagner Act, 1935).
C) The Taft-Hartley Act (1947).
D) The Americans With Disabilities Act (1990).
Is it D?
XYZ Company is currently experiencing a backlog at its loading dock. A manager figures that if she were to hire an extra worker for $100 per day,then sales volumes would increase by $400 per day due to the removal of the congestion at the dock. The additional worker's marginal revenue product is equal to:
A) $500.
B) $100.
C) $300.
D) $400.
Is it A?
A firm that is a single seller of a good with no close substitutes is:
A) An oligopoly firm.
B) A monopolistically competitive firm.
C) A perfectly competitive firm.
D) A monopolist.
Is it D or B?
Explanation / Answer
A) Decline in total utility.
D) How oligopolists make strategic decisions that involve mutual interdependence.
D) The Americans With Disabilities Act (1990).
D) $400
D) A monopolist.