John Has a Marginal Benefit of $7 for 1 Slice

question 75

Multiple Choice

John has a marginal benefit of $7 for 1 slice of pizza,$5 for a second slice,$3 for a third slice,$1 for a fourth slice,and $0.50 for a fifth slice.The price of pizza is $1.50 per slice.Which of the following statements is correct?

• A) John will purchase 3 slices of pizza and have consumer surplus of $10.50.
• B) John will purchase 4 slices of pizza and have consumer surplus of $12.00.
• C) John will purchase 2 slices of pizza and have consumer surplus of $1.50.
• D) John will purchase 3 slices of pizza and have consumer surplus of $4.50.
• E) John will purchase 2 slices of pizza and have consumer surplus of $3.00.

Define learning and articulate its primary characteristics, according to Klein.

Understand the permanent and temporary aspects of learning.

Acknowledge the role of experience in learning and behavior potential changes.

Understand the concept and importance of transaction balances for operational purposes.

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Definitions:

Expense Ratio

The annual fee expressed as a percentage of assets under management that investors pay for mutual fund or ETF operations and administration.

Indexed Funds

Mutual funds or exchange-traded funds (ETFs) that aim to replicate the performance of a specific index by investing in the stocks or securities that compose that index.

Bid-ask Spread

The difference between the highest price that buyers are willing to pay for an asset (bid) and the lowest price that sellers are willing to accept (ask).

Broker Fee

Fees charged by a broker for the services they provide, such as executing trades or providing investment advice.