In the figure above, the curve that shows the diminishing marginal utility is
A) total utility curve A because it gets steeper as consumption of tomatoes increases.
B) total utility curve A because it is higher than total utility curves B or C.
C) total utility curve C because it gets flatter as consumption of tomatoes increases.
D) total utility curve C because it is lower than total utility curves B and C.
C
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Economists believe the "full employment" level of unemployment is
(a) 0 percent (b) 2 percent (c) 5 percent (d) 10 percent
A demand curve of the form: Q = a - bP, where a and b are positive real numbers,:
A) is an upward sloping straight line. B) has a constant price elasticity of demand. C) is a downward sloping straight line. D) is a parabolic curve.
Whatever else you learned about profit-maximization, you should have learned this: Maximum profit is obtained at the production level where
a. P = AC b. TR = TC c. MR = AR d. MR = MC e. TR = MR
Which of the following program(s) examples is (are) in-kind assistance to fight poverty in the United States?
a. Medicaid b. Negative income tax c. Supplemental security income (SSI) d. Aid to Families with Dependent Children (AFDC) e. Welfare checks