QUESTION 12 A price floor is: O a. the lowest price a producer will accept. O b. the lowest price a consumer will pay. c.a minimum price set by the government above equilibrium price. O d.a maximum price set by the government above equilibrium price Oe. usually set equal to equilibrium price. QUESTION 13 Marginal utility is the change in: a. marginal utility when an extra unit of output is consumed. O b. total utility when an extra unit of output is consumed. Oc marginal utility when an extra unit of output is produced. d. average utility when an extra unit of output is consumed.

QUESTION 12 A price floor is: O a. the lowest price a producer will accept. O b. the lowest price a consumer will pay. c.a minimum price set by the government above equilibrium price. O d.a maximum price set by the government above equilibrium price Oe. usually set equal to equilibrium price. QUESTION 13 Marginal utility is the change in: a. marginal utility when an extra unit of output is consumed. O b. total utility when an extra unit of output is consumed. Oc marginal utility when an extra unit of output is produced. d. average utility when an extra unit of output is consumed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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