If consumers believe the price of hybrid vehicles will decrease in the future, this will cause the demand for hybrid vehicles to decrease now
Indicate whether the statement is true or false
TRUE
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Increasing marginal returns occur when the
A) average product of an additional worker is less than the average product of the previous worker. B) marginal product of an additional worker exceeds the marginal product of the previous worker. C) marginal product of labor is less than the average product of labor. D) total output of the firm is at its maximum. E) total product curve is horizontal.
Which of the following is most likely to occur if a price-takers' market displaces a price-searchers' market?
A) Costs will be higher. B) Efficiency will be less. C) Net revenue will be larger. D) Output will be larger. E) Prices will be higher.
A nation's market-risk premium rises if:
a. The volatility (e.g., standard deviation) of expected inflation rises. b. The average expected inflation rate rises. c. Security maturities lengthen. d. All of the above.
Answer the following statement(s) true (T) or false (F)
1. Multimillionaires do not experience scarcity because they can afford all the goods and services they desire. 2. Economists consider the concept of need difficult to define because it is hard to compare “needs” among people. 3. “Average cost” is another name for “marginal cost.” 4. Economists assume that people make the best choice they can because they do not want to make themselves worse off.