When the marginal physical product is rising
A. marginal cost is rising.
B. average total cost is increasing.
C. total cost is falling.
D. marginal cost is falling.
Answer: D
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If on Tuesday the perceived price of studying for an exam is $4 per hour but on Saturday the perceived price of studying for an exam is $10, the law of demand predicts
A) more studying on Saturday and less on Tuesday. B) more studying on Tuesday and less on Saturday. C) the same amount of studying on Tuesday and Saturday. D) no studying on Tuesday or Saturday.
Which of the following would be considered part of the underground economy?
a. tips reported to the IRS by a waitress b. a barber giving a person a haircut in exchange for a meal c. income earned through selling shares of stock d. the portion of a professional athlete's salary that is economic rent e. donations received by a local church in their collection plate on Sunday morning
The optimal searcher is likely to not even attempt to secure perfect information even if it is possible to achieve it
a. True b. False
Which of the following will cause a decrease in aggregate demand?
a. Relative price increase of U.S. goods b. Relative price decrease of U.S. goods c. Decrease in taxes d. Increase in income