According to the law of diminishing marginal utility, which of the following is likely to be true?
a. Bruce enjoys his first slice of pizza more than his fifth
b. Steve enjoys his third slice of pizza more than his second.
c. Tony enjoys his second slice of pizza as much as his fifth.
d. Ethan enjoys two slices of pizza as much as one slice of pizza.
a
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An airline's flight is about to take off. It has a few empty seats left aboard. If it lowers its prices, it can fill the remaining seats and fly at full capacity. What should be done?
a. Sell the additional standby seats at a discount since the marginal costs of the additional passenger are almost zero and fly at full capacity b. Sell the additional standby seats without a discount c. Don't offer the additional seats for any price d. none of the above
Which of the following is evidence of an ineffective cartel?
a. Output changes are dictated by changes in demand. b. Price changes are dictated by changes in demand. c. Members do not agree on output quotas. d. All of these.
Your purchase of a Gucci purse made in Italy would be classified as:
a. both c and d b. an investment good. c. a durable good. d. an import. e. an export.
If money demand decreases due to greater use of credit cards, which of the following would most likely happen under a neutralization policy?
a. The money supply would decrease, real GDP would not change, and neither would the interest rate. b. The money supply would increase, real GDP would not change, and neither would the interest rate. c. The money supply would decrease, real GDP would increase, and the interest rate would decrease. d. The money supply would increase, real GDP would not change, and the interest rate would decrease. e. The money supply would decrease, real GDP would decrease, but the interest rate would not change.