b. True or False. "A rational consumer will purchase only 1 unit of the product represented by these data, because that amount maximizes marginal utility." O False, because rational consumers maximize total utility. False, because marginal utility is constant after consuming the first unit. True, because rational consumers maximize marginal utility. O True, because marginal utility falls after consuming the first unit. c. True or False. "It is possible that a rational consumer will not purchase any units of the product represented by these data." O True, because this product's price could be high relative to the first unit's marginal utility. O False, because this product's price could be low relative to the first unit's total utility. O True, because this product's price could be high relative to the first unit's total utility. O False, because this product's price could be low relative to the first unit's marginal utility.

b. True or False. "A rational consumer will purchase only 1 unit of the product represented by these data, because that amount maximizes marginal utility." O False, because rational consumers maximize total utility. False, because marginal utility is constant after consuming the first unit. True, because rational consumers maximize marginal utility. O True, because marginal utility falls after consuming the first unit. c. True or False. "It is possible that a rational consumer will not purchase any units of the product represented by these data." O True, because this product's price could be high relative to the first unit's marginal utility. O False, because this product's price could be low relative to the first unit's total utility. O True, because this product's price could be high relative to the first unit's total utility. O False, because this product's price could be low relative to the first unit's marginal utility.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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estnavclient.psonsVc.net/#/question/4985ff31-8b4a-4423-8092-062ae41fb329/a5b5e518-23e9-4a64-b3f9-30a82b80e42f Review - A Bookmark Sunuwar, Alka 8 Africa Economics Test / 13 of 27 II Pause Use the information in the box to answer the question. Some industries in South Africa, such as housing and healthcare, are controlled by the government. Most industries, however, such as mining, agriculture, and manufacturing, are controlled by the private sector, and have helped South Africa become a major economic power in Africa. Based on the information, what conclusion can be drawn about the South African economy? O A. South Africa has a pure market economy. O B South Africa has a pure command economy. OC South Africa has a command economy with some market elements. D. South Africa has a market economy with some command elements. 3:52 PM e Schoolnet : M... TN TestNav - Goo. G 的M 感) O Type here to search 72°F 2/24/2022 Lenovo 近

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