We Take One Dollar from a Millionaire and Give It

question 73

Multiple Choice

We take one dollar from a millionaire and give it to a pauper. Assuming a diminishing marginal utility of money,

• A)total utility in the economy must rise.
• B)total utility in the economy must fall.
• C)total utility in the economy must remain the same.
• D)we cannot say whether or not total utility changes.

Comprehend the nature and implications of co-ownership interests in property.

Understand the legal and practical implications of tenancies by the entirety in terms of property ownership between married couples.

Understand the role of deeds in the conveyance of property and the assurances they provide.

Comprehend the concept of adverse possession and the conditions under which it applies.

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Definitions:

Marginal Costs

The expense associated with manufacturing an extra unit of a product or service.

TVC

The total expenses a firm incurs that increase or decrease with the level of output, essentially another term for total variable costs with a rephrased definition.

AVC

Average Variable Cost, which is the total variable costs divided by the quantity of output produced, reflecting the variable cost per unit.

MC

Marginal Cost, the increase or decrease in the total cost of a production run for making one additional unit of an item.