Marginal utility will generally decrease when:
a. more of a particular good is consumed.
b. less of a particular good is consumed.
c. average utility is the least.
d. per capita utility is the least.
e. the TU curve's slope is positive rather than negative.
a
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A production or consumption quota that can be bought or sold is called:
A. a buyers' or sellers' quota. B. a tax. C. a tradable allowance. D. a subsidy.
Which of these economic changes will shift the short-run aggregate supply curve to the left?
a. A hurricane destroying most of the agricultural land in a country b. The discovery of new oil reserves in a country c. A technological breakthrough increasing construction activities d. An increase in the number of skilled workers
If the demand for a product rises and the supply stays the same
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.
The claims of the owners of a firm against the firm's assets are called:
A. working capital. B. assets. C. net worth. D. liabilities.