The Marginal Utility of a Second Copy of Today's New

question 22

Multiple Choice

The marginal utility of a second copy of today's New York Times is

• A)infinite
• B)practically zero
• C)positive and greater than the marginal utility of the first copy
• D)equal to the marginal utility of the first copy
• E)50 cents

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Definitions:

Price Elasticity of Demand

An indicator of consumer sensitivity to price fluctuations, represented by the degree to which the demand for a product varies in response to alterations in its price.

Absolute Value

The distance of a number from zero on a number line, without considering its direction; always a positive number or zero.

Cookies

Small files stored on a user's computer or device by a website, containing data about the user's browsing activities.

Price Elasticity of Demand

The degree to which the quantity demanded of a good changes in response to a change in its price.