The law of diminishing marginal utility holds that at some point consumption of additional units of a commodity adds less to total utility.
Answer the following statement true (T) or false (F)
True
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When the Fed conducts open market operations, the impact of the buying or selling of bonds will include changes in
A) the money supply. B) interest rates. C) the expected rate of inflation. D) a and c E) a, b and c
In well-working markets, any gains from coordination are reflected in the level of product variety.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 8.4 below to answer the question(s) that follow. Table 8.4ProduceUsing TechniquesUnits of Variable KInputs L1 unit of outputA4 4?B2 6????2 units of outputA 7 6?B410????3 units of outputA 8 6?B 6 11Refer to Table 8.4. Assuming the price of capital (K) is $10 per unit and the price of labor (L) is $5 per unit, the firm will use production technique ________ to produce ________ of output.
A. B; the first two units of output and production technique A to produce the third unit B. A; all three units C. A; the first unit and production technique B to produce the second and third units D. B; all three units
People scalping tickets for a jazz festival will be successful at selling the tickets for a profit
A. any time the jazz festival is popular. B. when prices are too high. C. when the price set by the festival organizers is less than the market equilibrium price. D. only when there is excess supply.