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
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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.
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.
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.
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