Marginal utility measures the increase in total utility you derive from consuming one more unit of a good
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose a duopoly had reached the monopoly outcome and then the first firm increased its production. If the second firm next increases its production, the second firm's profit ________ and the first firm's profit ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) increases; does not change
Which two types of goods are excludable?
In the following graph, the price of labor is $15 per unit. Which of the following combinations of capital and labor lies on the expansion path?
A. 18K, 40L B. 21K, 60L C. 30K, 100L D. 15K, 40L E. none of the above
Sticky wages are one reason for the upward slope of the short-run aggregate supply curve.
Answer the following statement true (T) or false (F)