An increase in the quantity supplied of a good is most often due to:

Utility theory assumes that marginal utility:

On Thanksgiving, Michael’s mother gives him a huge platter of food. If Michael were to keep eating just to please his mother (even when he really wanted to stop), his marginal utility would be:

Using supply and demand analysis, which of the following is true?

In a market with a downward-sloping demand curve and an upward-sloping supply curve, a law requiring sellers to pay the government a tax of $1.00 per pack on cigarettes has the effect of:

If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by a(n):

If the long-run average cost of producing 50 units of Good X is $3.00 and the long-run average cost of producing 51 units of Good X is $3.25, the firm is

Exhibit 7-12 Cost schedule for producing pizza In Exhibit 7-12, the AFC of 4 pizzas is:

City streets, sewage systems, and police protection are all examples of:

If Mrs. Smith thinks the last dollar spent on shirts yields less satisfaction than the last dollar spent on cola, and Mrs. Smith is a utility-maximizing consumer, she should: