If average cost is falling, marginal cost must also be falling.
Answer the following statement true (T) or false (F)
False
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Refer to Table 10-3. The table above shows Lee's marginal utility from consuming ice cream cones and cans of Lime Fizz Soda. Select the phrase that completes the following statement
"We can determine the number of ice cream cones and cans of Lime Fizz Soda Lee should consume to maximize his utility A) if we know the values of the marginal utility per dollar for ice cream cones and Lime Fizz Soda." B) by adding up the marginal utilities for ice cream cones and Lime Fizz Soda." C) if we know what Lee's income is." D) if we know what Lee's income is and the price of an ice cream cone and the price of a can of Lime Fizz Soda."
Goods are distributed efficiently if everyone gets an equal share of each good
a. True b. False Indicate whether the statement is true or false
If the cross-price elasticity of salt and pepper is positive the goods must be complements.
Answer the following statement true (T) or false (F)
The demand for U.S. dollars is derived from foreign demand for U.S. exports.
Answer the following statement true (T) or false (F)