The law of diminishing marginal utility implies that the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut, other things constant
a. True
b. False
Indicate whether the statement is true or false
True
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A person 16 years or older who does not work, but is actively looking for work, is officially classified as:
A. chronically unemployed. B. employed. C. out of the labor force. D. unemployed.
During the decade of the 1980s our Lorenz curve
A. moved inward, toward the line of perfect equality. B. moved outward, away from the line of perfect equality. C. stayed about the same distance from the line of perfect equality. D. crossed the line of perfect equality.
The marginal factor cost of a monopsonist is
A) upward sloping and the same as the supply curve. B) downward sloping when the supply curve of labor is upward sloping. C) upward sloping and rises faster than the supply curve. D) horizontal.
In the short run, a firm should shut down when
A. MR = ATC. B. MR > MC. C. P < AVC. D. P > MC.