Use the Information Below to Answer the Following Questions

question 90

Multiple Choice

Use the information below to answer the following questions.
Fact 8.4.1 Eating Away the Innings in Baseball's Cheap Seats
Baseball and gluttony, two of America's favourite pastimes, are merging with Major League Baseball stadiums offering all-you-can-eat seats. Some fans try to "set personal records" during their first game, but by the third time in such seats they eat normally.
Source: USA Today, March 6, 2008
-Refer to Fact 8.4.1. Setting personal records for eating can be reconciled with marginal utility theory

• A)only if there is a money price assigned to the record.
• B)only if the price of ballpark food decreases for each subsequent purchase made by a fan in the all-you-can-eat seats.
• C)if we also assign utility values to gaining the record.
• D)if we eliminate the principle of diminishing marginal utility.
• E)by considering the paradox of value.

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Definitions:

Marginal Cost

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

Marginal Revenue

The additional income received from selling one more unit of a good or service.

Expected Cost

The predicted amount of money that will be spent on a project or activity, taking into account various factors and possible changes.

Revenue Data

Information regarding the income generated by a business or organization from its operations.