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Bottles of Soda Slices of Pizza The table above gives Ali’s total utility from consuming bottles of soda and slices of pizza. The price of pizza is $2 per slice and the price of soda is $1 per bottle. His marginal utility from the 4th bottle of soda is

A monopoly is

A business can escape perfect competition by building a better, more innovative product.

If 10 workers can produce 1,500 units of output and 11 workers can produce 1,600 units of output, then the average product of 11 workers is

Most markets meet all of the conditions for perfect competition.  

The Airline Deregulation Act        

Some economists argue that the spending multiplier is actually less than 1. If the spending multiplier is 0.8, then a $200 billion increase in government spending will cause private sector spending to  

Juan’s marginal utility from strawberries is 200 and his marginal utility from cream is 100. Juan spends all his budget. The price of strawberries is $5 per pound and the price of cream is $5 per pint. To maximize his utility, Juan should

Box of doughnuts Homer’s total utility 1 30 2 55 3 75 4 90 5 100 6 103 The above table shows Homer’s utility from boxes of doughnuts. The marginal utility that Homer receives from the third box of doughnuts is equal to

Air pollution is an external cost because it