-The Table Above Shows Buffy's Utility from Wooden Stakes and Cloves

question 30

Multiple Choice

-The table above shows Buffy's utility from wooden stakes and cloves of garlic. The marginal utility of which clove of garlic is the largest?

• A) The third clove.
• B) The fifth clove.
• C) The first clove.
• D) The second clove.
• E) The marginal utility of all cloves is the same.

---

Definitions:

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

Industry Supply Curve

A graphical representation showing the total quantity of a good that producers within an industry are willing and able to supply at different price levels.

Enter

To participate or become involved in a particular activity or sphere; in business, it may refer to entering a market, indicating the beginning of efforts to compete within a given market area.

Efficient Markets

Markets in which all relevant information is fully and immediately reflected in asset prices, ensuring that securities are always fairly priced.