Bill Gates Is the World's Second Richest Person Whose Net

question 37

Multiple Choice

Bill Gates is the world's second richest person whose net worth is estimated at $54 billion. The idea that Bill Gates marginal utility for his 54 billionth dollar is less than someone else's 1000^th dollar is the

• A) "Utilitarian" principle.
• B) "Big Tradeoff" principle.
• C) "Make the Poorest as Well Off as Possible" principle.
• D) "Equity" principle.

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers.

Total Revenues

The sum of money a company earns from selling goods or providing services in a specific timeframe.

Demand Schedule

A table that lists the quantities of a good a consumer will buy at different prices.

Total Revenues

The complete sum of money earned from selling goods or services, prior to deducting any costs.