Most goods can yield
A. Only negative marginal utility.
B. Only positive marginal utility.
C. Only zero marginal utility.
D. Both positive and negative marginal utility.
Answer: D
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By adding internal costs to external costs, we determine the total
A) private cost. B) social cost. C) psychological cost. D) marginal cost.
Which of the following questions would not be studied by a microeconomist but would be studied by a macroeconomist?
a. Why do national economies grow? b. What percentage of consumer income is spent on entertainment? c. Why do workers prefer the 4-day workweek? d. How is the electric industry harmed by the passage of new clean air legislation?
Assuming a horizontal long-run market supply curve, which of the following statements is (are) TRUE about competitive firms in the long run?
A) p = MC B) p = AC C) profit = 0 D) All of the above.
Producing a homogeneous product occurs in which of the following industries?
A) oligopoly, monopolistic competition, and perfect competition B) perfect competition only C) oligopoly and perfect competition D) monopolistic competition and perfect competition