As a general rule, marginal utility will be less:
A. as less of the good is consumed.
B. as more of the good is consumed.
C. when average utility is at a maximum.
D. only when the good is inferior.
Answer: B
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The rate at which prices in general are increasing is called:
A. the unemployment rate. B. the inflation rate. C. the trade balance. D. the standard of living.
If the rural wage is 4 and the formal urban wage rate is 10, there will be rural to urban migration if the formal urban unemployment rate is
(a) 50% (b) 60% (c) 70% (d) all of the above
Which of the following statements regarding generic drugs and name-brand pharmaceuticals is false?
A) Pharmaceutical companies have spent large amounts of time and money in their attempts to reduce competition from generic drugs. B) Generic drugs have the same chemical content as the corresponding branded drug. C) On average, a generic drug can reduce U.S. sales of a branded drug by as much as 50 percent in the first six months. D) Pharmaceutical companies need only to renew the patents they have on certain drugs to protect them from competition by generic drugs.
Which of the following is NOT an example of a monopolistically competitive market?
A) high fashion clothing B) medical care C) wheat D) automobiles