Refer to the accompanying table. The law of diminishing marginal utility:UnitsUtils Per Year from T-shirtsUtils Per Year from Sweaters0001754002135720318096042101120
A. applies to both t-shirts and sweaters.
B. applies to sweaters but not t-shirts.
C. applies to t-shirts but not sweaters.
D. does not apply to either t-shirts or sweaters.
Answer: A
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A monopolist faces a marginal revenue curve that is below the demand curve, resulting in the production of an allocatively efficient quantity
a. True b. False Indicate whether the statement is true or false
If there is an increase in the number of workers who want to work as accountants, there will be a
A. Movement down the labor supply curve to the left. B. Leftward shift of the labor supply curve. C. Rightward shift of the labor supply curve. D. Movement up the labor supply curve to the right.
All quasilinear goods are necessities.
Answer the following statement true (T) or false (F)
When cost-push inflation starts, real GDP ________ and the price level ________
A) decreases; falls B) does not change; falls C) decreases; rises D) does not change; does not change E) increases; falls