Total Utility Equals

question 103

Multiple Choice

Total utility equals

• A)the sum of the marginal utilities of each unit consumed.
• B)the area below the demand curve but above the market price.
• C)the slope of the marginal utility curve.
• D)the marginal utility of the last unit divided by price.
• E)the marginal utility of the last unit consumed multiplied by the total number of units consumed.

Distinguish the problems faced by oligopolies with different numbers of members.

Analyze the incentives and profits under cartel arrangements.

Comprehend the role and outcomes of collusion in oligopoly markets compared to monopoly.

Understand the application of game theory to oligopoly markets.

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Definitions:

Development

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Design

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