The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:

Which of the following best describes the economic concept of utility?

Unlike implicit costs, explicit costs:

Suppose the government imposes a per unit tax on an item whose production process creates a negative externality. Suppose the tax is exactly the value of the external cost. If the government now uses the tax revenue to clean up pollution from this process, the market will:

If the current market price is above the equilibrium price, then:

Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is $3 per bushel and 1,500 million bushels when the price is $1 per bushel. The price elasticity of demand in this range of the demand curve is:

Two friends, Makena and Aiden, own and run a bar. Makena tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Aiden tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?

We would expect the cross elasticity between tennis racquets and tennis balls to be:

There is a technological advance in the production of digital watches. This will cause:

To finance medical care, the federal government raises the tax per pack paid by sellers of cigarettes. Other things being equal, the price of cigarettes rises because of a(n):