Refer to the graph below. The firm's marginal revenue curve must be:
The following graph shows a total revenue curve for a monopolist.
A. Downsloping
B. Constant
C. Upsloping
D. U-shaped
A. Downsloping
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Gross domestic product is a monetary measure of
A. total consumption in the economy. B. the total value of all final goods and services. C. total industrial output. D. the total value of all foreign sales and purchases.
The two parts of the Keynesian consumption function are consumption that depends on ________ and consumption that depends on ________.
A. real income; nominal income B. planned spending; unplanned spending C. money; wealth D. disposable income; factors other than disposable income
The slope of a production possibilities curve is positive.
Answer the following statement true (T) or false (F)
The diamond-water paradox was solved by knowing that
A. the price of water and diamonds is determined by total utility received, not marginal utility. B. the price of water and diamonds is determined by marginal utility, not total utility. C. the total utility of water is greater than the total utility of diamonds. D. the marginal utility of water is greater than the marginal utility of diamonds.