The concept of marginality is important in economics because
A) individuals make decisions at the margin.
B) marginal decisions indicate a lack of importance.
C) individuals make decisions based on tastes only.
D) large expenditures are the only factor influencing consumption.
Answer: A
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The most broadly based price index is the:
a. real GDP price index. b. consumer price index. c. producer price index. d. GDP chain price index.
People learn to hold a specific quantity of money for the groceries, theater tickets, gasoline, clothes, film, and other items they habitually purchase. This behavior is representative of the:
a. precautionary demand. b. speculative demand. c. transactions demand. d. volatility demand. e. liquidity demand.
Sugar is an input used to produce cereal. Suppose that the price of sugar rises. As a result
A) the supply curve for sugar will shift to the right.
B) the supply curve for sugar will shift to the left.
C) the supply curve for cereal will shift to the right.
D) the supply curve for cereal will shift to the left.
Net national product is
A. GDP plus depreciation. B. GNP minus depreciation. C. GDP minus depreciation. D. GNP plus depreciation.