The law of diminishing marginal utility states that it is impossible to produce more of one good without decreasing the quantity produced of another good
a. True
b. False
Indicate whether the statement is true or false
False
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Discuss the differences between developing and emerging market economies
What will be an ideal response?
Why is it that the consumer can maximize total net utility only if the purchase quantity brings marginal utility as close as possible to equality with price?
What will be an ideal response?
Today, producers changed their expectations about the future. This change
a. can cause a movement along a supply curve. b. can affect future supply, but not today's supply. c. can affect today's supply. d. cannot affect either today's supply or future supply.
In perfect competition, the marginal revenue curve
A. intersects the demand curve when marginal revenue is minimized. B. is always below the demand curve facing the firm. C. and the demand curve facing the firm are identical. D. is always above the demand curve facing the firm.