What can account for the negative slope of the marginal revenue product curve?
A) Diminishing marginal utility
B) Diminishing marginal returns
C) Monopsony power
D) All workers eventually begin slacking.
E) none of the above
B
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Use the figure below to answer the following question.
A decrease in supply would best be reflected by
A. a shift from supply curve A to supply curve C. B. a movement from point 4 to point 3. C. a shift from supply curve C to supply curve B. D. a movement from point 1 to point 2.
For years, your parents claimed they had no desire to join a social web site. Recently, however, they joined one and said they did so because all their relatives have joined the same site with them. Your parents' behavior is an example of
A) a switching cost. B) a network effect. C) the impact of positive market feedback. D) the impact of negative market feedback.
A decrease in the price of a good would
a. shift the supply curve for the good to the left. b. give producers an incentive to produce more to keep profits from falling. c. increase the quantity demanded of the good. d. increase the supply of the good.
If Marlowe obtains 9 units of utility per dollar spent on apples and 6 units of utility per dollar spent on oranges, then Marlowe
A) is maximizing total utility. B) should buy more apples and fewer oranges. C) should buy more oranges and fewer apples. D) should buy fewer oranges and fewer apples.