Applying the concept of "clean enough" to clean water, an economist means the
A. perfectly clean water.
B. state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning.
C. state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more.
D. state of cleanliness where the total cost of cleaning equals the total benefit of cleaning.
Answer: B
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Which statement is TRUE about a comparison of economic freedom with political freedom?
A) Economic freedom is more important than political freedom when considering positive economic growth. B) Economic freedom leads to positive economic growth while political freedom leads to negative economic growth. C) Political freedom is more important than economic freedom when considering positive economic growth. D) Economic freedom cannot exist without political freedom.
A popular dinner among college students today is sushi, green tea, and wasabi dip so these foods are complements. If the price of green tea increases and the price of wasabi dip increases, what would be the effect on demand for sushi at lunch?
A) The demand for sushi would decrease. B) The demand for sushi would increase. C) The demand for sushi would be unaffected, but the price would increase. D) The demand for sushi would be unaffected, but the price would decrease. E) The demand for sushi could increase or decrease.
In the figure above, diminishing marginal utility is shown by
A) total utility curve A. B) total utility curve B. C) total utility curve C. D) all three curves.
A decrease in both equilibrium price and quantity could be produced by a(n)
a. decrease in supply, with demand constant b. increase in supply, with demand constant c. decrease in demand, with supply constant d. increase in demand, with supply constant e. improvement in technology