As the quantity of a good consumed increases, its marginal utility ________ and its total utility ________
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
C
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At the minimum efficient scale
A) all possible economies of scale have not been exhausted. B) marginal cost is at its minimum. C) the firm has achieved the lowest possible average cost of production. D) any increases in the scale of operation will encounter further economies of scale.
The real interest rate can be negative
a. True b. False Indicate whether the statement is true or false
Movie theaters are able to offer discounts to senior citizens because:
a. the elderly deserve lower prices because of their contributions to society. b. senior citizens have the most inelastic demand. c. theaters can separate senior citizens from other customers, and it is easier to prevent resale. d. senior citizens cannot see the movie very well because of poor eyesight. e. senior citizens are frequent visitors to the movie theaters.
All actions and purchases, even those of wealthy people, involve a sacrifice
a. True b. False Indicate whether the statement is true or false