Every point on a ________ represents the minimum cost at which the associated output level can be produced when the scale of plant can be changed.
A. long-run demand curve
B. marginal cost curve
C. long-run variable cost curve
D. U-shaped long-run average cost curve
Answer: D
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________ are non-excludable but rival in consumption
A) Public goods B) Private goods C) Common pool resources D) Club goods
Public saving in the economy can be increased by
A) raising taxes. B) raising government spending. C) raising transfer payments. D) lowering taxes.
The law of diminishing marginal utility may be illustrated by a person
a. buying additional goods after getting a pay raise b. eating more twinkies but enjoying them less c. giving some of income to a needy person d. who spends more hours studying than do his fellow students e. buying goods so long as their marginal utility is greater than zero
Amanda is from Vermont and visiting California for the first time. At home, Amanda always goes jogging early in the morning because it's hottest in the early afternoon. Not knowing what to expect of the weather in California, she decides to go jogging in the early morning during her visit. This decision is an example of:
A. a heuristic. B. positive framing. C. loss aversion. D. status quo bias.