Given the above figure, marginal utility becomes negative when David consumes the ________ piece of pizza.
A. 1st
B. 3rd
C. 4th
D. 5th
Answer: D
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Canada produces MP3 players and lumber, and the marginal costs for the two products are $200 per 1,000 board-feet of lumber and $100 per MP3 player
China also produces these goods, and the marginal costs are $300 per 1,000 board-feet of lumber and $100 per MP3 player. Which country has the comparative advantage in lumber production? A) Canada B) China C) Both countries share the comparative advantage. D) We need more information to answer this question.
According to Adam Smith, what is the primary source of a nation's wealth?
a. The amount of gold and silver in the government's possession. b. A spirit of cooperation in which people share according to their means. c. Strong central planning authorities. d. The people's ability to produce products and trade in free markets.
Which of the following is a similarity between an oligopoly and monopolistic competition? a. Both markets are characterized by mutually interdependent decision making. b. Both markets produce homogeneous products
c. Both markets are controlled by many dominant firms. d. Both markets have firms that compete for market share.
Whenever marginal cost is greater than average total cost,
a. average total cost is rising. b. marginal cost is falling. c. average total cost is falling. d. Both b and c are correct.