Which of the following is the best example of substitutes?
a. coffee and cream
b. videotapes and VCRs
c. money and biscuits
d. tortillas and salsa
e. hiking boots and athletic shoes
E
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In the above table, the marginal product of the second worker is
A) 1. B) 2. C) 3. D) 4.
As more of a good is consumed, its marginal utility ________ and its total utility ________
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
According to the classical approach, if planned savings increases,
a. the rate of interest will rise. b. the rate of interest will fall. c. planned investment will fall. d. planned consumption will increase.
If a firm reacts to other firms' market decisions by anticipating how the others will then react, this reflects
a. the behavior of followers of a price leader b. the behavior associated with price leadership c. a market with a low concentration ratio d. mutual interdependence e. collusion by definition