Kobe has just eaten another cookie and his total utility increased. This means that Kobe's marginal utility for this additional cookie is
A. positive.
B. negative.
C. zero.
D. not determinable without more information.
Answer: A
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The fact that most people make some decisions based on intuition rather than calculation is:
A. inconsistent with the cost-benefit model, but still rational. B. consistent with the cost-benefit model because most people intuitively weigh costs and benefits. C. consistent with the cost-benefit model because calculating costs and benefits is irrational. D. irrational, because intuition is usually wrong.
Customer service representatives who have lost their jobs as a result of call centers being outsourced to India are an example of
A) structural unemployment. B) voluntary unemployment. C) frictional unemployment. D) cyclical unemployment.
Marginal benefit curves
A) have positive slopes. B) have negative slopes. C) are horizontal lines. D) are vertical lines. E) are upside-down U-shaped curves.
If a duopoly has reached the monopoly outcome, a firm can increase its profit if it and it alone ________ its price and ________ its production
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases E) raises; does not change