As a typical firm increases its output, its marginal cost
A) is constant.
B) decreases at first and then increases.
C) increases at first and then decreases.
D) decreases.
E) is negative at first and then positive.
B
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All of the points inside a production possibilities frontier are ____; all of the points on the production possibilities frontier are ____.
A. efficient; inefficient B. inefficient; efficient C. attainable; unattainable D. rational; zero-cost E. unattainable; efficient
If the stock market booms, then
a. aggregate demand increases, which the Fed could offset by increasing the money supply. b. aggregate supply increases, which the Fed could offset by increasing the money supply. c. aggregate demand increases, which the Fed could offset by decreasing the money supply. d. aggregate supply increases, which the Fed could offset by decreasing the money supply.
The consumer's income is $800.According to the above figure, why doesn't the consumer choose the combination at point B?
A. The marginal utility per dollar spent on Y exceeds the marginal utility per dollar spent on X. B. The marginal utility of Y exceeds the marginal utility of X. C. The consumer is willing to give up more X for additional units of Y than the rate in the market. D. both a and c E. both b and c
The rise of the modern factory system in England during the late eighteenth and early nineteenth centuries is known as the
A. Wealth of Nations. B. Dark Ages. C. Great Migration. D. Industrial Revolution.