To the average consumer, the marginal utility of a second copy of today's newspaper is:
A. Constant
B. Increasing
C. Close to zero
D. Close to one
C. Close to zero
You might also like to view...
When economists use the term "correlation," they are referring to
A) normative economics. B) positive economics. C) cause and effect relationships between variables. D) economic policy. E) how two variables move together in a predictable way.
Explain the changes that would cause the dynamic aggregate demand curve to shift.
What will be an ideal response?
If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the 1,000th unit of good X is 0.5Y, then the opportunity cost of producing the 2,001st unit of good is X is most likely to be
A) less than 0.5Y. B) more than 0.5Y but less than 2Y. C) more than 0.5Y D) less than 0.5Y but more than zero. E) none of the above
The trade-off between unemployment rates and inflation originates in the
A. Upward-sloping AD curve. B. Upward-sloping AS curve. C. Downward-sloping AS curve. D. Vertical AS curve.