The willingness to pay of buyers' in a market:
A. is represented by the demand curve.
B. is represented by the supply curve.
C. explains why the demand curve is bowed-out.
D. explains why the demand curve is bowed-in.
A. is represented by the demand curve.
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With respect to consuming food and shelter, two consumers face the same prices and both claim to be in equilibrium. We therefore know that
A) they both have the same marginal utility for food. B) they both have the same marginal utility for shelter. C) they both have the same MRS of food for shelter. D) All of the above.
Few nations belong to both the World Trade Organization and regional trading agreements.
Select whether the statement is true or false. A. True B. False
Economic conditions favor firms getting larger (producing larger quantity) when the firms are producing under conditions of:
a. Decreasing returns to scale b. Increasing returns to scale c. Constant returns to scale
When the additional satisfaction from a good declines as more of it is consumed, this illustrates the law of:
a) Exceptional marginal utility. b) Diminishing marginal utility. c) Declining demand. d) Increasing opportunity costs.