What does the negative slope of the utilities possibilities frontier imply?
A) Diminishing marginal utility.
B) The only way to increase one person's utility is to decrease another person's utility.
C) Diminishing marginal rates of substitution.
D) The only way to increase output of one good is to decrease output of another.
B
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This __________ declared that price discrimination is illegal especially when it decreases competition
a. Robinson-Patman Act b. Sherman Antitrust Act of 1890. c. Merger Act d. Federal Trade Commission Act.
Standardized products can appear:
A. only in perfectly competitive markets. B. in perfectly competitive and monopolistically competitive markets. C. in monopolistically competitive and oligopoly markets. D. in perfectly competitive and oligopoly markets.
The Social Security retirement program is financed by a 10.6 percent payroll tax that applies to earnings up to an income cutoff that is adjusted upward annually by the growth rate of nominal wages. As of 2013, the income cutoff was
a. $15,000. b. $32,700. c. $113,700. d. $250,000.
A process through which a firm seeks to obtain earnings without contributing to production, thus wasting valuable resources, is known as
A. moral hazard. B. rent seeking. C. detrimental externality. D. a defective telescopic faculty.