The concept of diminishing marginal utility:
A. explains why individuals rarely maximize their total utility.
B. is the change in total utility that comes from consuming one additional unit of a good or service.
C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit.
D. is the principle that the additional utility gained from consuming different bundles of goods and services tend to be smaller than the utility gained from consuming just one bundle of goods and services.
C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit.
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Suppose the equilibrium quantity of labor hired decreases and the equilibrium real wage rate increases. All else constant, this situation will also result in
A) more government outlay for the unemployed. B) higher output prices. C) lower output prices. D) fewer benefits for those still unemployed.
To a Marxist, income inequality derives from
a. purely random events b. incompetent government policy c. unequal education d. unequal distribution of property e. unequal abilities of individuals
If the marginal cost is increasing over a given output range, the average total cost must increase.
Answer the following statement true (T) or false (F)
Which of the following is NOT a resource?
a. Capital b. Human capital c. Labor d. Money