Which economic principle states that when more of a good is consumed, the incremental satisfaction delivered by that good decreases?
a. the law of consumer choice
b. the law of consumer equilibrium
c. the law of demand
d. the law of diminishing marginal utility
d. the law of diminishing marginal utility
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Investment spending in the U.S. ________
A) comprises the majority of total spending B) is equal to approximately 15 percent of total spending C) is equal to approximately 81 percent of total spending D) is the smallest component part of household consumption spending
The place or point where independent systems or diverse groups interact is called the:
a. Interface b. Seam c. Subsystem d. Boundary
Perfectly competitive firms cannot individually affect market price because
A. Demand is perfectly inelastic for their goods. B. There are many firms, none of which has a significant share of total output. C. The government exercises control over the market power of competitive firms. D. There is an infinite demand for their goods.
The greater the product differentiation,
a. the more elastic a firm’s demand curve. b. the less elastic a firm’s demand curve. c. the less the price difference between competing firms. d. the closer to perfect competition.