Which of the following statements best reflects the law of diminishing marginal utility?
A. "I have to have a scoop of ice cream on my pie."
B. "I'll never get tired of your cooking."
C. "The last bite tastes just as good as the first."
D. "I couldn't eat another doughnut if you paid me."
E. "I prefer to eat several small meals a day, rather than three large ones."
D. "I couldn't eat another doughnut if you paid me."
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When the price of a good falls, consumers buy more of the good because it is cheaper relative to competing goods. This statement describes the
a. consumer equilibrium effect. b. price effect. c. income effect. d. substitution effect.
The short-run aggregate supply curve is ________ and the long-run aggregate supply curve is _________
A) upward sloping; horizontal B) vertical; upward sloping C) vertical; horizontal D) upward sloping; vertical E) none of the above
Bonds are often referred to as fixed-income securities because:
A. the price you pay for bonds is fixed. B. of the set interest rate. C. they are much more commonly held by retirees. D. they adjust interest payments with the inflation rate.
Explain how an increase or decrease in demand and supply will affect the value of a nation’s currency.
What will be an ideal response?