If finding the last stamp to complete your collection makes you even happier than finding the first, then your
a. marginal utility is zero
b. marginal utility is negative
c. total utility is decreasing
d. total utility is constant
e. marginal utility is not diminishing
E
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
For a monopolist, marginal revenue is always
a. below market price b. equal to market price c. greater than market price d. equal to total revenue e. equal to total cost
Average physical product measures the increase in total output that results from a one-unit increase in an input
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
A. In large samples there are not many discrepancies between the outcomes of the F test and the LM test. B. Degrees of freedom of the unrestricted model are necessary for using the LM test. C. The LM test can be used to test hypotheses with single restrictions only and provides inefficient results for multiple restrictions. D. The LM statistic is derived on the basis of the normality assumption.