The point that each glass of lemonade consumed on a hot day brings lower and lower levels of satisfaction is known as the principle of
A) total benefits.
B) increasing marginal cost.
C) decreasing marginal benefit.
D) increasing opportunity cost.
E) decreasing marginal price.
C
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A firm's employment of labor outside the country in which the firm is located is called
A) featherbedding. B) a lockout. C) outsourcing. D) dumping.
A cartel is:
a. a joint venture of two companies. b. a joining of firms for the purpose of fixing prices and controlling output. c. a breaking up of a company into two or more parts. d. the joining of industry with government to solve a specified problem. e. the joining of two firms with unrelated products.
Who said "Work expands so as to fill the time available for its completion," and "Work expands to occupy people available for its completion"?
A. Adam Smith B. C. Northcote Parkinson C. Karl Marx D. John Maynard Keynes
Which of the following arguments could be made as evidence that the market for cage-free eggs is perfectly competitive?
A) The U.S. Department of Agriculture has established standards for the labeling of cage-free eggs. B) Sales of cage-free eggs have increased at a rate of 20 percent per year. C) As more farmers began selling cage-free eggs, the increase in supply has driven down prices to the point where they just cover the cost of production. D) The profits earned by farmers who sell cage-free eggs have continued to grow, despite the increasing number of farmers entering this market.