In the short run, the supply curve for a perfectly competitive firm is its marginal cost curve for all levels of output
a. True
b. False
Indicate whether the statement is true or false
False
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The ceteris paribus assumption is used in economic analyses in order to: a. cover special cases
b. include all relevant factors. c. add realism. d. keep the relationship between the two variables isolated from other events.
The market system does not produce public goods because
A. there is no need or demand for such goods. B. public enterprises can produce such goods at lower cost than can private enterprises. C. their production seriously distorts the distribution of income. D. private firms cannot stop consumers who are unwilling to pay for such goods from benefiting from them.
________: unemployment associated with business fluctuations
Fill in the blank(s) with correct word
If marginal utility is zero, total utility is
A. at its maximum. B. falling. C. zero. D. negative.