The principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a period of time
What will be an ideal response?
Law of diminishing marginal utility
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The Fed does not tightly control the monetary base because it does NOT completely control
A) open market purchases. B) open market sales. C) borrowed reserves. D) the discount rate.
Henry Bessemer is most recognized for
a. the invention of air brakes for trains. b. his role as an early union leader. c. invention of a steel manufacturing process. d. the development of refrigerated train cars.
If MC > MR,
a. output should be reduced. b. marginal profit is positive. c. there are losses. d. output should be increased.
"Now that Terrance paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflects
a. the importance of secondary effects. b. the fallacy of composition. c. the law of comparative advantage. d. behavior inconsistent with economizing.