When individuals have maximized their time utility, which of the following is true? a) their marginal...
When individuals have maximized their time utility, which of the following is true?
a) their marginal utility is the same across all three allocations of time
b) their marginal utility of leisure is the highest
c) they have increasing marginal disutility
d) their opportunity cost of leisure is less than their opportunity cost of non-market work
Homework Answers
Option A
Explanation: Utility would be maximized when marginal utility would be same across all the three allocations of time.
Add Answer to:
When individuals have maximized their time utility, which of the
following is true?
a) their marginal...
Which of the following is both a source of utility and an allocation of time? A)...
Which of the following is both a source of utility and an allocation of time? A) Disutility B) Leisure C) Market work D) Non-Market work
QUESTION 49 Total utility is maximized where: O Marginal utility is maximized. O Price is equal...
QUESTION 49 Total utility is maximized where: O Marginal utility is maximized. O Price is equal to marginal utility O Marginal utility is zero. O Price is less than marginal utility. QUESTION 50 Which of the following will cause a leftward shift of the supply curve for houses? O Consumer expectations that the price of houses will increase next year OAn increase in the cost of construction materials. O An improvement in the technology used to build houses. ° A...
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to...
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to the budget line b. Marginal utility per dollar is maximized c. The marginal rate of substitution is equal to the relative price d. The marginal utility per dollar spent is equal across all goods
Which of the following is true regarding marginal utility? Multiple Choice If marginal utility is lower...
Which of the following is true regarding marginal utility? Multiple Choice If marginal utility is lower price is the same along the demand curve. If marginal utility is higher price is higher along the demand curve. If marginal utility is tower price is higher along the demand curve. If marginal utility is higher price is lower along the demand curve.
Indicate whether the following statements are True or False e)If Tom's total utility from watching one...
Indicate whether the following statements are True or False e)If Tom's total utility from watching one more minute of television increases but the increase for each additional minute is smaller tha the previous minute,he has diminishing marginal utility f)As a person consumes more and more slices of pizza, the marginal utility of each extra slice diminishes g)A consumer will maximize utility when all income is spent and the marginal utility is equal for all goods h)When Kathryn spends her entire...
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1)...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
Question 13 (1 point) In consumer equilibrium, which of the following is true? The marginal utility...
Question 13 (1 point) In consumer equilibrium, which of the following is true? The marginal utility from the consumption of each good is the same. The marginal utility from the consumption of each good is zero. The marginal utility from the consumption of the last dollar's worth of each good is the same. The total utility from the consumption of each good is the same.
Question 46 2p Which of the following is true of the profit, earned by a monopolist?...
Question 46 2p Which of the following is true of the profit, earned by a monopolist? Profit is maximized along the inelastic portion of the demand curve. Normal profit is ensured where price is equal to average total cost. Normal profit is ensured where marginal cost exceeds average revenue. Economic profit is made where average variable cost equals marginal revenue. Profit is maximized where marginal revenue exceeds marginal cost. Question 47 2 pts A non-price discriminating monopolist's demand curve: is...
1. Which of the following statements best describes the law of diminishing marginal utility? Consumers will...
1. Which of the following statements best describes the law of diminishing marginal utility? Consumers will purchase more of a good at a lower price, ceteris paribus. Consumers maximize total utility when the marginal utility per dollar spent is equal for all goods consumed. Each successive unit of a good consumed yields less additional utility. Consumers behave rationally when the price of a good equals the marginal utility of the good. 2. Assume the price elasticity of demand for Nike...
QUESTION 49 Total utility is maximized where: O Marginal utility is maximized. O Price is equal to marginal utility O Marginal utility is zero. O Price is less than marginal utility. QUESTION 50 Which of the following will cause a leftward shift of the supply curve for houses? O Consumer expectations that the price of houses will increase next year OAn increase in the cost of construction materials. O An improvement in the technology used to build houses. ° A...
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to the budget line b. Marginal utility per dollar is maximized c. The marginal rate of substitution is equal to the relative price d. The marginal utility per dollar spent is equal across all goods
Which of the following is true regarding marginal utility? Multiple Choice If marginal utility is lower price is the same along the demand curve. If marginal utility is higher price is higher along the demand curve. If marginal utility is tower price is higher along the demand curve. If marginal utility is higher price is lower along the demand curve.
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
Question 13 (1 point) In consumer equilibrium, which of the following is true? The marginal utility from the consumption of each good is the same. The marginal utility from the consumption of each good is zero. The marginal utility from the consumption of the last dollar's worth of each good is the same. The total utility from the consumption of each good is the same.
Question 46 2p Which of the following is true of the profit, earned by a monopolist? Profit is maximized along the inelastic portion of the demand curve. Normal profit is ensured where price is equal to average total cost. Normal profit is ensured where marginal cost exceeds average revenue. Economic profit is made where average variable cost equals marginal revenue. Profit is maximized where marginal revenue exceeds marginal cost. Question 47 2 pts A non-price discriminating monopolist's demand curve: is...
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 23 minutes ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 1 hour ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 3 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 3 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 4 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 6 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 6 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 6 hours ago