Refer to the data. The marginal cost column reflects:
A. the law of diminishing returns.
B. the law of diminishing marginal utility.
C. diseconomies of scale.
D. economies of scale.
A. the law of diminishing returns.
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Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2)q where p is price in $ per hour and q is hours per month
The firm faces a constant marginal cost of $1. Potential consumer surplus equals A) $4. B) $8. C) $16. D) $32.
A person who makes decisions that are "merely good enough" is called a(n)
a. optimizer. b. rational person. c. satisficer. d. maxi-minimizer.
Which of the following examples would most likely provide buyers with more of a differentiated product because of excess capacity?
a. a barley farm b. a book store c. a steel manufacturer d. a shrimp fishery
If a bank has no excess reserves, the reserve requirement is 10%, and it receives a new $2 million deposit, the bank can lend out
A. $2 million. B. $1 million. C. $200,000. D. $1,800,000.