As a person receives more of a good, the _______________ from each additional unit of the good declines.
A. utility
B. sunk costs
C. marginal utility
D. budget constraint
Answer: C. marginal utility
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The law of demand implies that if nothing else changes, there is
A) a positive relationship between the price of a good and the quantity demanded. B) a negative relationship between the price of a good and the quantity demanded. C) a linear relationship between price of a good and the quantity demanded. D) an exponential relationship between price of a good and the quantity demanded.
The percentage of people living in urban areas decreased surprisingly between 1860 and 1910
Indicate whether the statement is true or false
________ and ___________ represent "new wave regulation"
Fill in the blank(s) with the appropriate word(s).
The market supply curve for labor is upsloping because:
A. of diminishing returns. B. employers as a group must pay higher wage rates to obtain more workers. C. of declining MRC. D. each employer is a "wage taker."