We state that the evidence __________________ if evidence is consistent with a theory's predictions
A) fails to reject the theory
B) proves the theory is correct
C) proves the theory is invalid
D) none of the above
A
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A country temporarily producing a combination of 12 units of guns and 5 units of butter would be ________________ (outside/on/inside) the production possibilities curve.
At the current quantity of table saws, the marginal social cost is more than the marginal social benefit. Then
A) production of table saws should be decreased to reach the efficient level. B) production of table saws should be increased to reach the efficient level. C) production of table saws is currently at the efficient level. D) producer surplus will be larger than consumer surplus.
A single-price monopolist with a positive marginal cost will maximize profit by producing where
A. demand is price inelastic. B. demand is price elastic. C. demand is unit elastic. D. Any of these may apply.
Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.Table 19.3Michael's Utility ScheduleUnits of ColaTU of ColaMU of ColaUnits of PretzelsTU of PretzelsMU of Pretzels14040130302 322 2039624366164112 478 5124 584 In Table 19.3, what is the marginal utility of the fifth unit of cola?
A. 24. B. 6. C. 12. D. 16.