When the incremental satisfaction derived from an additional unit of a good or service decreases as more is consumed, it is known as:
a. consumer equilibrium
b. marginal benefit.
c. diminishing marginal utility.
d. decreasing opportunity cost.
c
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A natural monopoly has
A. many producers of the same product. B. easy access to the market. C. a single firm providing the industry's output. D. one buyer of output.
The aggregate supply curve reflects the inverse relationship between the interest rate and the quantity of real GDP supplied
a. True b. False Indicate whether the statement is true or false
Which of the following options can be exercised upon expiration at a price equal to the average price of the underlying over its life span?
a. Average options b. Lookback options c. Barrier options d. Basket options
It has been shown that when offered higher wages, women will work more hours. This is because
a. women tend to work more hours than men at any wage rate. b. the substitution effect is more dominant for women. c. the income effect is more dominant for women. d. women are more productive than men at higher wages.