The water-diamond paradox is explained partially by the facts that the marginal utility of water is _____ and the marginal utility of diamonds is _____.
Fill in the blank(s) with the appropriate word(s).
low; high
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A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . At what price would the firm consider shutting down in the short run?
a. $10 b. $25 c. $65 d. $70
The CPI attempts to:
A. balance out the consumption of different types of people in different life stages. B. balance out the consumption of different types of people in different life situations. C. capture an average across a very large group of U.S. consumers. D. All of these statements are true.
Unemployment that has an entirely macroeconomic cause is called
a. frictional unemployment b. seasonal unemployment c. structural unemployment d. cyclical unemployment e. short-term unemployment
Which of the following statements is not correct?
a. A seller would be eager to sell her product at a price higher than her cost. b. A seller would refuse to sell her product at a price lower than her cost. c. A seller would be indifferent about selling her product at a price equal to her cost. d. Since sellers cannot set the price for their product, they must be willing to sell their product at any price.