According to the law of diminishing marginal utility, the fifth pair of gloves that Mary receives for Christmas makes her
a. as happy as she was while receiving the first pair
b. less happy than she was while receiving the first pair
c. more happy than she was while receiving the first pair
d. consider that fifth pair as having zero marginal utility
e. total utility decrease
B
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Suppose the market for Blu-rays has the demand and supply schedules shown in the table above. Suppose a technological advance increases the quantity of disks supplied at each price by 25 million
What is the new equilibrium price and the new equilibrium quantity of Blu-rays?
In a market characterized by externalities, the market equilibrium fails to maximize the total benefit to society as a whole
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a produced factor of production?
a. corn that is harvested from a field in Iowa b. workers who are hired at a coal mine in West Virginia c. skills that teachers in Texas acquire through continuing-education classes d. All of the above are correct.
Answer the following statement true (T) or false (F)
1) Monopolistically competitive sellers realize economic profits in the long run because entry barriers are significant. 2) Monopolistically competitive sellers produce efficiently because they obtain only normal profits in the long run. 3) The oligopolist's kinked-demand curve is highly elastic below and highly inelastic above the going product price. 4) The oligopolist's kinked-demand curve is highly elastic below and highly inelastic above the going product price.