Which of the following statements best reflects the law of diminishing marginal utility?
What will be an ideal response?
"I couldn't eat another doughnut if you paid me."
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Real income can be measured by
A) the slope of the budget line. B) the area under the budget line. C) the length of the budget line. D) an intercept of the budget line.
What is the purpose of antitrust legislation?
What will be an ideal response?
Technological improvements cause
A. The supply curve to shift to the left. B. ATC to shift down. C. P to increase. D. MC to shift up.
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. In this market there will be an excess demand of 1,000 cheeseburgers at a price of
A. $5. B. $6. C. $8. D. $9.