Concept of diminishing marginal utility

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Q1. What would you cite as examples of "government improving market outcomes"in recent economic history of the United States?

Q2. In terms of pricing, which of the following is not true for a monopolist?

Q3. Why might some firms voluntary pay workers a wage above the market equilibrium, evenin presence of surplus labor?

Q4. Explain the concept of diminishing marginal utility. Since all goods are scarce, does diminishing marginal utility contradict the statement that individuals always want more of all goods?

Q5. The opportunity cost of Juan's time is $8 per hour. If Juan receives $2 per pound for his fish, what is the optimal number of hours he should spend fishing?

Reference no: EM136255

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