Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ________ marginal utility and bring a ________ consumer surplus
A) small; small; large; large
B) large; large; small; small
C) small; large; large; small
D) large; small; small; large
C
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Ceteris paribus, in a closed economy, if consumers become more pessimistic ________
A) autonomous consumption will fall B) investment will fall C) saving will increase D) all of the above E) none of the above
____ is one in which exactly the amount one competitor gains must be lost by other competitors
a. Nash equilibrium b. Prisoner's dilemma c. A win-win situation d. A zero-sum game
In markets with perfect competition, no need for buyers & sellers to search for "true" market value of an asset; it is continuously revealed by transaction prices of _____________________.
Fill in the blank(s) with the appropriate word(s).
From society's point of view, a monopolist produces too little because price
A. is less than marginal cost. B. exceeds marginal cost. C. exceeds average cost. D. is less than average cost.