If knowing about one outcome does not help to predict another outcome, the outcomes are said to be ________

A) exclusive
B) inclusive
C) dependent
D) independent


D

Economics

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Refer to Figure 7-1. At the efficient equilibrium

A) economic surplus is maximized. B) economic surplus is zero. C) economic surplus is negative. D) economic surplus is minimized.

Economics

Diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. beyond some point, added units of a product provide lower and lower amounts of marginal utility

c. a consumer would get more utility from the last unit of a good consumed when that good costs $3 than when it costs $1. d. both (b) and (c) are true.

Economics

Which of the following conditions define the short-run for any industry?

a. Firms do not incur a fixed cost. b. Firms incur both fixed as well as variable costs. c. Firms can easily enter and leave the market. d. Firms can enter but cannot leave the market.

Economics

A util represents a unit of measurement for the

a. dollars a consumer spends on a good b. consumer surplus earned when paying less than he/she would have been willing to spend c. way a consumer responds to a change in price d. happiness a person obtains from consuming a good e. consumer surplus a person acquires when buying a good at less than market price

Economics