Because of diminishing marginal utility, total utility always decreases when additional amounts of a commodity are consumed.
Answer the following statement true (T) or false (F)
False
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Show, or explain, why a monopolist with positive marginal costs charges a price on the elastic range of his/her demand curve
A decrease in demand and an increase in supply will lead to
A) an unambiguous decrease in quantity, but the effect on price is indeterminate. B) an unambiguous decrease in price, but the effect on quantity is indeterminate. C) unambiguous decreases in both price and quantity. D) unambiguous increases in both price and quantity.
All of the following statements are true of the minimum efficient scale except one. Which one?
A) Any increase in the scale of operation will encounter either constant returns to scale or diseconomies of scale. B) All possible economies of scale have been exhausted. C) The short-run average total cost curve's minimum point is equal to the long-run average cost curve's minimum point. D) An increase in the output level will increase profit.
To join the EMU, a country should have no more than
A) 1.5 percent inflation rate above the average of the three EU member states with the highest inflation. B) 3 percent inflation rate above the average of the three EU member states with the lowest inflation. C) 4 percent inflation rate above the average of the three EU member states with the lowest inflation. D) 1.5 percent inflation rate above the average of the three EU member states with the lowest inflation. E) 2 percent inflation rate above the average of the three EU member states with the lowest inflation.