Total utility increases if one more unit of a product is purchased and marginal utility is positive
a. True
b. False
Indicate whether the statement is true or false
True
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Two cities face identical prices for their housing. City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville", we expect the prices of housing in city B "Smogville" to
a. increase b. decrease c. stay the same d. none of the above
In the circular economic flow diagram, households:
A. make consumption expenditures and pay for land, labor, and capital. B. receive money income and supply resources. C. make consumption expenditures and receive goods and services. D. buy resources and receive goods and services.
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A) the national defense argument. B) the protect domestic jobs argument. C) the infant industry argument. D) the dumping argument.
Refer to the above graphs. For which graph is the supply perfectly inelastic?
A. Graph A
B. Graph B
C. Graph C
D. Graph D