As an individual consumes more of a given good or service, the marginal utility of that good to the consumer likely:
a. increases
b. remains constant.
c. falls.
d. falls and then rises.
c
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Pizza joints often offer substantially lower prices for pizza picked up at the shop compared to delivered pizza prices. This may be an attempt at
A) perfect price discrimination. B) group price discrimination. C) quantity discrimination. D) second-degree price discrimination.
Which of the following is not the result of wage stickiness in an economic downturn?
A. Actual wages are temporarily above the market-clearing level. B. A shortage of labor. C. A surplus of labor. D. Cyclical unemployment.
If short-run equilibrium output equals 10,000, the income-expenditure multiplier equals 5, potential output (Y*) equals 11,000, then government purchases must ________ to eliminate any output gap.
A. increase by 200 B. increase by 1,000 C. decrease by 200 D. increase by 5,000
Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, the firm's short-run supply curve is the:
A. entire marginal cost curve. B. rising part of marginal cost beginning at E. C. rising part of marginal cost beginning at F. D. entire marginal revenue curve.