As a result of the tax cigarette consumption declines by million packs a week. 5

Question

As a result of the tax cigarette consumption declines by million packs a week. 5 10 40 50 more than 60 Which statement is true? Total utility is maximized when marginal utility is zero. The utility of a Big Mac is greater than the utility of a Whopper. C. As one consumes more and more of a service, one's marginal utility rises. I). None of these are true. 25. As a person buys increasing amounts of a good, their marginal utility and their consumer surplus. decreases; increases decreases: decreases increases; increases increases; decreases Mr. Fefferberg had determined that the marginal utility of the last dollar he spent on cowboy boots is greater than the marginal utility of the last dollar that he spent on Nikes. Since he is a rational fellow, he will buy equal quantities of Nikes and cowboy boots. buy more cowboy boots and fewer Nikes. buy more Nikes and fewer cowboy boots. give up cowboy boots entirely. give up Nikcs entirely. Statement I: If you knew a person's demand schedule, you could figure out her marginal utility schedule. Statement II: As a person consumes more and more of a service, her total utility rises and her marginal utility declines. Statement I is true and statement II is false. Statement II is true and statement I is false. Both statements are true. Both statements are false.

Explanation / Answer

23) MORE INFO NEEDED

24) ANS IS A

25)ANS IS B

26)ANS IS B

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