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In spending all his income on pop and pizza, Paul finds that the marginal utility of the last pizza he consumed is 8, and the marginal utility of the last can of pop is 4. The price of a can of pop is $1.50. If Paul has maximized his utility, the price of pizza must be:

If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 10, then the total utility from consuming six units would be:

In the long run, a profit-maximizing monopolistically competitive firm sets it price:

The price of a product rises by 1% and the quantity of the product purchased falls by 5%. The price elasticity of demand is equal to _____, and demand is described as _____.

Economies of scale are indicated by:

On a linear demand curve, demand at lower prices will be:

Manny spends all of his income on tacos and milkshakes. Her income is $100, the price of tacos is $10, and the price of milkshakes is $2. If Manny purchases 10 milkshakes, he can purchase _____ tacos.

Consider a  decreasing-cost purely competitive industry. Assume that the industry is initially in long-run equilibrium and that a decrease in consumer demand occurs. After all economic adjustments have been completed, product price will be:

Output Total Revenue Total Cost 0 $0 $50 1 $36 $74 2 $72 $94 3 $108 $117 4 $144 $142 5 $180 $172 The table above shows output, total revenue and total cost information for a purely competitive firm.  Refer to this information to answer the following question. The market price of the product in the short run is $___.Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

Suppose the government imposes a $10 excise tax on wine and the price of wine increases by $4