The law of diminishing marginal utility implies that
A. supply curves always slope upward and to the right.
B. a consumer will always buy positive amounts of all goods.
C. demand curves always slope downward and to the right.
D. total utility will always increase by an increasing amount as consumption increases.
Answer: C
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If the market price of a product falls and as a result total revenue of firms falls, we can conclude that
A) demand is elastic in this price range. B) the product's price is above the midpoint of its demand curve. C) demand is inelastic in this price range. D) the demand curve is horizontal.
The propensity ?0 + ?1+ … + ?k is sometimes called the:?
A. ?short-run elasticity, which measures the percentage increase in a dependent variable after k quarters given a permanent 1% increase in the k independent variables. B. ?long-run elasticity, which measures the percentage increase in a dependent variable after k quarters given a permanent 1% increase in the k independent variables. C. ?short-run elasticity, which measures the percentage decrease in a dependent variable after k quarters given a permanent 1% decrease in the k independent variables. D. ??long-run elasticity, which measures the percentage decrease in a dependent variable after k quarters given a permanent 1% decrease in the k independent variables.
Multinationals typically operate in a market structure that would best be described as
A. inherently disadvantaged. B. perfect competition. C. monopoly. D. an oligopoly.
In the IS-LM model, the impact of an increase in government purchases in the goods market has ramifications in the money market, because the increase in income causes a(n) ______ in money ______.
Fill in the blank(s) with the appropriate word(s).