The relationship between average and marginal variables can be stated as follows: if the marginal is greater than the average,
a. the average is increasing.
b. the average is decreasing.
c. the marginal is increasing.
d. the marginal is decreasing.
e. the total is decreasing.
A
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Economics is best defined as the social science that studies
A) how a person can get everything he or she wants. B) how choices made in the social interest must conflict with choices made in the self-interest. C) the way to eliminate choices in our decisions. D) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity. E) the reason money exists.
A monopoly that can perfectly price discriminate creates no deadweight loss
Indicate whether the statement is true or false
Profits earned by foreign firms or governments under a quota are called:
A. trade rents. B. trade costs. C. quota revenue. D. quota rents.
Refer to the accompanying table. If the price of Good A is $1 and the price of Good B is $3, then the rational spending rule is satisfied when the consumer purchases ________ units of Good A and ________ units of Good B. UnitsMarginal Utilityof Good AMarginal Utilityof Good B1304022733315244814
A. 4; 3 B. 4; 4 C. 3; 3 D. 3; 4