As a percentage of total federal expenditures, national defense spending has _____ since the mid 1950s
a. slightly increased
b. risen precipitously
c. essentially stayed the same
d. declined
d
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Which of the following will make price discrimination difficult for a monopolist?
A) the possibility of resale of the product B) a constant marginal cost curve C) an increasing marginal cost D) a downward sloping demand curve
The "lemons model" predicts quality deterioration in the used-car market because
a. used cars require increasing maintenance. b. suppliers and demanders have different information about cars' quality. c. used cars are generally of a lower quality than new cars. d. people will usually buy new cars if they are available.
The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen
a. True b. False Indicate whether the statement is true or false
As people consume more and more of a particular good or service, we can predict that _____________ .
a. Marginal utility of each additional good consumed will fall and total utility will increase, but more rapidly than before b. Marginal utility of each additional good consumed will fall and total utility will increase, but more slowly than before c. Marginal utility of each additional good consumed will rise and total utility will increase, but more rapidly than before d. Marginal utility of each additional good consumed will rise and total utility will increase, but more slowly than before.