Marginal utility is the ________ satisfaction gained by consuming ________ of a good.
A. total; one more unit
B. additional; all units
C. additional; one more unit
D. total; all units
Answer: C
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The primary objective of a cartel is to:
A) maximize the amount of profit received by each member of the organization. B) maximize the joint profits of the members of the organization. C) ensure each member of the organization some minimum amount of profit. D) maximize the average profits of the members of the organization.
Other things equal, the demand for a good tends to be more inelastic when
a. there are fewer available substitutes. b. a longer time period is considered. c. the good is considered a luxury good. d. the market for the good is more narrowly defined.
If the wage rate is fixed at a certain level, then MLC is equal to that wage rate
Indicate whether the statement is true or false
If the Fed buys $5 million in government bonds, how much will the money supply change?
a. It will increase by $5 million. b. It will increase by more than $5 million. c. It will decrease by $5 million. d. It will decrease by more than $5 million.