If marginal costs are virtually zero after initial units are produced
A) inventors need to sell lots of units to make money.
B) inventors need to be paid upfront.
C) inventors need to sell their patents.
D) none of these choices.
B
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The exchange of one good for another, without the use of money, is known as
a. acquisitive exchange b. liquidity c. volatility d. barter e. currency
Suppose the price of butter falls because milk price supports are removed. Will people's tastes shift away from margarine and toward butter?
What are common resources?
a) both rival in consumption and nonexcludable b) both rival in consumption and excludable c) both nonrival in consumption and excludable d) both nonrival in consumption and nonexcludable
The marginal utility of the first smoothie that Jimmy drinks in the morning is worth $3.00. The marginal utility of the 4th smoothie he drinks is positive while the marginal utility of the 5th smoothie he drinks in the morning is worth $0. This implies that at a price of $0, Jimmy would drink
A. zero smoothies per morning. B. at most 5 smoothies per morning. C. an infinite number of smoothies each morning. D. more than 5 smoothies per morning, but the actual number is indeterminate from this information.