An increase in total utility because of the law of decreasing marginal utility - is correct
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor...
True or False: A utilitarian social welfare function implies that income redistribution from rich to poor will automatically reduce social welfare.
2. Redistributive philosophies and incentives Consider a society comprised of two people. Carlos earns an income of $100,000 per year and Deborah earns an income of $30,000 per year. The redistribution plan that would impose a 25% tax on Carlos's income and give the revenue to Deborah government is considering Without any incentive distortion, Carlos would retain $75,000 and Deborah would end up with $55,000. However, let us assume that since Carlos will not receive all the income he earns,...
9. Jeremy's level of satisfaction from consuming the first cookie was 25 utils. The second cookie increased the level of satisfaction by 20 utils. Jeremy's total level of satisfaction after three cookies was 60. Thus, the marginal utility for the third cookie is: A) 15. B) 60. C) 45. 10. A thirsty person has a second glass of water. Compared with the person's first glass total utility will: A) increase and marginal utility will decrease. B) increase and marginal utility...
9. Jeremy's level of satisfaction from consuming the first cookie was 25 utils. The second cookie increased the level of satisfaction by 20 utils. Jeremy's total level of satisfaction after three cookies was 60. Thus, the marginal utility for the third cookie is: A) 15. B) 60. C) 45. 10. A thirsty person has a second glass of water. Compared with the person's first glass total utility will: A) increase and marginal utility will decrease. B) increase and marginal utility...
Question 7 (1 point) Suppose that the value of the price elasticity of demand for a product is 2 and its price increases by 16%. What will happen to the quantity demanded? oa Ob OC Od It will increase by 8%. it will decrease by 32%. It will increase by 32%. it will decrease by 8%. Question 10 (1 point) What is meant by the term utility? оа Ob oc A measure of necessity. The satisfaction or pleasure derived from...
QUESTION 5 Which of the following might be an indirect, unintended effect of providing income support to those without jobs? a. Those without jobs are made better off. b. People without jobs no longer search for and acquire jobs. c. People without jobs now search for and acquire jobs. Od. Those without jobs are made worse off. QUESTION 6 Suppose that because the government increases the minimum wage, employers choose to hire fewer workers. This is an example of ar...
Please help with these questions Question 6 0.8 pts In many competitive eating contests, participants must keep their food "down" in order to have a chance to win. If competitors are unable to meet this qualification, it is probable that marginal utility is Oslowing O negative. O decreasing. zero O positive Question 7 0.8 pts The additional satisfaction derived from consuming one more unit of a good or service is called the real-income effect. diminishing marginal utility marginal utility the...
1.) The law of demand arises from A. every consumer analyzing the different choices they have and deciding what to buy. B. the law of supply. C. the law of market equilibrium. D. every producer analyzing the different choices they have and deciding what to produce. 2.) Which of the following is correct? A. Marginal utility from espresso is equal to the sum of the total utility after each espresso. B. Total utility from espresso is equal to the sum...
5. The cross-price elasticity of demand is the percentage change in quantity divided by the percentage change in price of another good. 6. The principle of diminishing marginal utility states that people enjoy consuming more of a good. 7. If marginal utility is declining but still positive, total utility is decreasing. 8. ]n the long run all inputs are variable; in the short run all inputs are fixed. 9. Fixed costs decrease as output is increased. 10. The law of...
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to get the biggest bang for the buck. Utility maximizing rule b as the price of a good drops, consumers have more money to spend on it and other goods Consumer equilibrium The amount of satisfaction gained from consumption of goods and services. d shows the combinations of two items that can be purchased with a limited amount of money. Law of diminishing marginal utility...