Refer to the above table. At what quantity does diminishing marginal utility set in?
A. 1st
B. After 6
C. After 4
D. After 5
Answer: C
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The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury
Indicate whether the statement is true or false
Refer to Table 20-17. Looking at the table above, real average hourly earnings in 2015 were
A) $3.67. B) $5.63. C) $10.24. D) $11.37.
Are bank lines of credit to small firms collateralized?
A) All of them are. B) Some of them are, especially if the firm is risky. C) Some of them are, especially if the firm is safe. D) None of them are.
From what you know about the different kind of monopolies, which answer best describes the natural ones?
a. They only exist because the government has established patent laws. b. They can produce services, but not goods. c. The market supports only two or three firms. d. Potential competitors are purchased before they can enter. e. There is a declining ATC throughout the relevant range of production.