National defense is an example of a _____________________.
Fill in the blank(s) with the appropriate word(s).
public good
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According to economists, human activity is unresponsive to changes in costs
a. True b. False Indicate whether the statement is true or false
For all goods other than those that are addictive, and assuming that the quantity consumed is not so large that the last units consumed generate negative marginal utilities, we can say that, for the consumer, as more of the good is consumed, its marginal utility _____ while its total utility _____
a. increases; decreases b. decreases; increases c. increases; increases d. decreases; decreases e. no general rule can be made here
Refer to the information provided in Figure 10.3 below to answer the question(s) that follow. Figure 10.3 Refer to Figure 10.3. The market wage is initially W1 and the firm is initially at Point B. Labor supply increases from S1 to S0. If the firm does not change the amount of capital it employs, the firm will move to Point ________ to maximize profits.
A. A B. C C. E D. F
A perfectly inelastic supply curve can be shown graphically as a _____.
Fill in the blank(s) with the appropriate word(s).