Marginal utility measures:
A) the slope of the indifference curve.
B) the additional satisfaction from consuming one more unit of a good.
C) the slope of the budget line.
D) the marginal rate of substitution.
E) none of the above
B
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If penalties are imposed on the sellers of illegal goods or services, then the equilibrium price ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
Just as resources are scarce for the individual,
a. they are also scarce for the economy as a whole b. they are never scarce for the economy as a whole c. they are randomly abundant for other individuals d. there will be zero resources available for the economy as a whole e. the economy a whole is never faced with having to make rational choices about using resources
A monopoly is a
a. price taker b. single buyer of an input into production c. firm facing a perfectly elastic demand curve d. group of firms controlling the price and output for an industry e. price setter
The principles of economics cannot explain which of the following:
A. How the value of money changes over time. B. Why people choose to work or go to college. C. How the temperature index is measured. D. Why a country might prosper.