The fact that a gallon of gasoline commands a higher market price than a gallon of water

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The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that

a. gasoline is a scarce good but water is not.

b. the total utility of gasoline exceeds the total utility of water.

c. the marginal utility of a gallon of gasoline is greater than the marginal utility of a gallon of water.

d. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water.

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Exploring Microeconomics

ISBN: 9781544339443

8th Edition

Authors: Robert L. Sexton

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Question Posted: May 19, 2024 03:02 AM

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The fact that a gallon of gasoline commands a higher market price than a gallon of water

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Exploring Microeconomics

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