In short-run equilibrium, the perfectly competitive firm of Figure 9-3 will charge
a.
$5
b.
$7
c.
$8
d.
$10
e.
more than $10
d
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The law of diminishing marginal returns is the same as increasing returns to scale.
Answer the following statement true (T) or false (F)
Exhibit 6-5 Marginal utility data for desserts Quantity Brownies Ice Cream Pie 1 20 18 16 2 18 17 13 3 15 14 9 4 12 11 7 5 10 8 5 Refer to Exhibit 6-5. Each dessert is priced at $1. If you had $10 to spend on desserts, which of the following combinations of goods would you buy?
A. 5 units of brownies, 4 units of ice cream, and 1 unit of pie. B. 4 units of brownies, 5 units of ice cream, and 1 unit of pie. C. 4 units of brownies, 4 units of ice cream, and 2 units of pie. D. 4 units of brownies, 3 units of ice cream, and 3 units of pie.
Bonnie has just purchased a crystal vase she saw advertised when she went on line to find her local weather forecast. The Internet ad is an example of
A) mass marketing. B) direct marketing. C) indirect marketing. D) interactive marketing.
The egalitarian principle refers to
A) "To each according to her need." B) "To each exactly the same." C) "To each according to her productivity." D) "To each according to his ability."