If a consumer purchases more of a product, then most likely the marginal utility of _____
a. that product decreases
b. that product remains the same
c. other products decrease
d. other products increase
e. that product increases
a
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A worldwide hops (a flower used in brewing) shortage made stouts, ales and other specialty microbrews more pricy in 2008. Gayle Goshie, a hops farmer, blames overproduction for hops' previously cheap place on the agricultural market
The glut pushed many hops farmers out business, which gradually helped hops prices recover. Suppose farming hops is a perfectly competitive market. How did farmers going out of business help hops prices recover? A) Fewer farmers cause the market supply curve to shift leftward, causing price to rise. B) Fewer farmers cause an increase in market demand, causing price to rise. C) Fewer farmers cause an increase in the surviving firms' costs, causing higher prices. D) Fewer farmers cause the individual firms' supply curves to decrease, causing higher prices.
The United States has numerous antitrust laws on the books and numerous legal precedents on acceptable corporate behavior. Still, the true commitment to enforcement is measured by the
a. number of monopolies we sue b. number of monopolies we break up c. partiality of the federal judges d. willingness of industry to behave e. budget of the enforcement agencies
A worker can always build a chair in four hours. If a chair sells for $40 in a perfectly competitive market, then the equilibrium wage per hour in a perfectly competitive labor market is
a. $4. b. $10. c. $40. d. $160.
The administrative burden of complying with tax laws is a cost to the government but not to taxpayers
a. True b. False Indicate whether the statement is true or false