Suppose for a Utility Function That the Marginal Utility for Good

question 53

Multiple Choice

Suppose for a utility function that the marginal utility for good is given by MU_x = 5y²/x

• A) The more is better assumption is not satisfied for in this utility function.
• B) The more is better assumption is satisfied for in this utility function.
• C) This shows a positive and increasing marginal utility of x.
• D) The marginal rate of substitution must be diminishing.

Distinguish between the demand for labor and the quantity demanded of labor.

Analyze the effects of changes in labor productivity on labor demand.

Grasp how government policies, like taxation and minimum wage laws, affect labor markets.

Understand the dynamic nature and growth of the social media industry.

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Definitions:

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