Mark and Charles are roommates at college.Each has written a 25-page term paper for the same English class.They are equally poor typists.Charles types his own paper and gets paid by Mark to type his, too.On the basis of the information given, which one of the following must be true?
A) Mark is wealthier than Charles.
B) Mark needs more time to study than Charles.
C) Charles hates typing.
D) Mark and Charles have different utilities for typing but place the same value on time.
E) Mark's opportunity cost of typing is higher than Charles's.
Correct Answer:
Verified
Q2: Households act as demanders when they demand
A)that
Q3: Households act as suppliers when they provide
A)goods
Q4: The term "utility" means
A)satisfaction
B)a low-valued good
C)productivity
D)adaptability
E)efficiency
Q5: If the real wage decreases, the opportunity
Q6: The statement "Households maximize utility" means that
Q7: Which of the following is one of
Q8: The objective of the household is to
A)maximize
Q9: Roxanne and Eileen live in an apartment
Q10: Which of the four types of economic
Q11: Economists generally assume that
A)firms act to maximize
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