As a person buys increasing amounts of a good, their marginal utility ______ and their consumer surplus ______.
A. decreases; increases
B. decreases; decreases
C. increases; increases
D. increases; decreases
A. decreases; increases
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According to a recent survey, in 2012, the number of U.S. households that owned equitites was about:
a. 3 % b. 27 % c. 45 % d. 55 %
The Great Society program was designed to lift people out of poverty during the
A. 1930s. B. 1940s. C. 1950s. D. 1960s.
If income increases we know for sure that the:
a. demand curve will shift to the right b. demand curve will shift to the left c. demand curve will stay the same since only price affects it d. supply curve will shift to the right e. none of the above
Suppose the production function is Q = min{3K, L}. How much output is produced when 6 units of labor and 3 units of capital are employed?
A. 9 B. 3 C. 6 D. None of the statements is correct.