If a person consumes excessive amounts of a good or service, to the point that their total utility actually begins declining, then that person's marginal utility of the last unit consumed is __________.
A. positive
B. negative
C. zero
D. None of these choices are correct.
B. negative
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If the prices of both goods and income increase by the same percentage, what will happen to the budget line?
A) The budget line rotates inward from the intercept on the axis of the good that did not change in price. B) The budget line rotates outward from the intercept on the axis of the good that did not change in price. C) The budget line shifts outward without a change in slope. D) Nothing.
In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm profit is
A) $100. B) $70. C) $30. D) $130.
If the stock market quote in the newspaper reads 752 in the column headed "Vol 00s", it means that 752 shares of this stock were traded on this particular day
Indicate whether the statement is true or false
"Recession" refers to a period when real GDP in the economy
A) declines for at least six months. B) grows rapidly. C) experiences a rise in living standards. D) suffers due to political instability.