If the law of diminishing marginal utility applies, then the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut
Indicate whether the statement is true or false
T
You might also like to view...
Suppose Veronica sells teapots in the perfectly competitive teapot market. Her output per day and her costs are as follows:
Output per Day Total Cost 0 $20 1 32 2 37 3 48 4 61 5 75 6 92 7 113 8 136 Suppose the current equilibrium price in the teapot market is $10. To maximize profit, how many teapots will Veronica produce, what price will she charge, and how much profit (or loss) will she make? Draw a graph to illustrate your answer. Your graph should include Veronica's demand, ATC, AVC, MC, and MR curves, the price she is charging, the quantity she is producing, and the area representing her profit (or loss).
In the Fixed Effects regression model, using (n – 1) binary variables for the entities, the coefficient of the binary variable indicates
A) the level of the fixed effect of the ith entity. B) will be either 0 or 1. C) the difference in fixed effects between the ith and the first entity. D) the response in the dependent variable to a percentage change in the binary variable.
A firm is currently producing at the point where MC = MR. The situation for the firm at this point is P = $5, Q = 100, ATC = $6, AVC = $4.50. What do you recommend this firm do?
A) Increase production above the current output rate, because MC = MR at this rate of output. B) Continue to produce the current output rate, because P > AVC. C) Shut down, because AVC > P. D) Shut down, because ATC > P.
What should be the impact on the U.S. interest rates if the Fed undertakes a sterilized foreign exchange intervention? Be sure to explain your answer.
What will be an ideal response?