The concept of marginal utility:
A. is the loss in utility from making a bad decision.
B. explains why individuals find it difficult to maximize their total utility.
C. is the change in total utility that comes from consuming one additional unit of a good or service.
D. can only be applied to situations in which individuals can choose among several goods or services.
Answer: C
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The Federal Reserve monetary policy goals of maximum employment means
A) aiming for an amount of employment that exceeds full employment. B) cyclical unemployment should not necessarily be minimized. C) keeping the unemployment rate close to the natural unemployment rate. D) a zero percent natural unemployment rate. E) a zero percent unemployment rate.
Compare perfect competition and monopolistic competition. In what ways are they similar? In what ways are they different?
What will be an ideal response?
Intertemporal decisions are
a. decisions in one period of time. b. decisions over time. c. decisions made without thinking about time. d. decisions involving infinity.
A demand curve represents a(n)
A. direct relationship between price and demand. B. indirect or inverse relationship between price and supply. C. indirect or inverse relationship between price and quantity demanded. D. direct relationship between price and quantity demanded.