The law of diminishing marginal utility indicates that the slope of the marginal utility curve eventually becomes:
a. negative
b. vertical
c. horizontal
d. positive
a. negative
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Refer to the scenario above. Which of the following will happen if Sarah opens a day care facility and takes care of 5 children, in addition to her son, charging $12,000 per year for each child?
A) The country's trade deficit will increase by $2,400. B) The country's trade surplus will increase by $12,000. C) The country's GDP will decrease by $12,000. D) The country's GDP will increase by $60,000.
A marginally attached worker
i. does not have a job and has not looked for one in the last month. ii. is available and willing to work. iii. must work at least 1 hour per week. A) i only B) ii and iii C) iii only D) i and ii E) ii only
A firm increases its output and its average total costs remain unchanged. Is the firm experiencing increasing returns to scale, constant returns to scale, or decreasing returns to scale?
What will be an ideal response?
If the price of business broadband is greater than that of residential broadband, all else equal,
A) business has greater price elasticity than residential. B) residential has greater price elasticity than business. C) both have positive income elasticity. D) generally speaking, broadband is equally priced.