When a firm is experiencing decreasing marginal costs, it implies
a. There are diminishing marginal productivity
b. There are increasing average costs
c. There are constant marginal productivity
d. There are increasing marginal productivity
d
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Which prices are used to measure goods and services in calculating the nominal GDP?
A) average prices B) past years prices C) current prices D) projected prices
A budget line shows the
A) consumption possibilities of a consumer at a given level of income and prices. B) complete set of preferences for a household at various incomes. C) consumption possibilities for several sets of relative prices at a level of income. D) rate at which consumers wish to substitute one good for another.
The income flow in the form of resource payments from firms to households, and in the form of revenue from households to firms, is known as the circular flow of money
Indicate whether the statement is true or false
In a society with market failure, there
a. is no pollution b. are no public goods c. is an inefficient allocation of resources d. are no markets e. is no need for a government