The reason the marginal benefit of information curve is downward sloping is because
A. some information is useless.
B. information adds less and less benefit as more of it is acquired.
C. most information is useless.
D. there is only so much to learn about a product.
Answer: B
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When the price of a good in a market is above equilibrium: a. the quantity supplied exceeds the quantity demanded. b. a surplus is observed
c. the price will fall in the near future. d. all of the above.
What term do we use to refer to the understanding of the best ways to produce goods and services?
The reservation wage likely increases when
A. the price of consumption increases. B. nonlabor income increases. C. the wage increases. D. the price level (of consumption and wages) increases. E. one is a discouraged worker.
If a graph shows a negative relationship between two variables which then becomes a positive relationship, this curve would
A) always be an upward-sloping line. B) have a minimum point. C) have a maximum point. D) always be a downward-sloping line.