Refer to the above table. At what quantity does diminishing marginal utility set in?
A. after 2
B. after 10
C. after 3
D. after 15
Answer: C
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When a firm faces a perfectly competitive market and buys its inputs from perfectly competitive markets, the only choice the firm has to affect its profits is to:
A. increase its selling price. B. change the quantity it produces. C. decrease its cost of production lower than other firms. D. decrease the selling price.
Technological advances affect the net capital stock by
a) reducing the volatility of investment b) inducing obsolescence c) lowering the marginal product of capital d) shrinking the gap between gross and net investment e) raising the aggregate gearing of firms
If an economy saves 20 percent of any increase in real Gross Domestic Product (GDP), then an increase in investment of $1 billion can produce an increase in real Gross Domestic Product (GDP) of as much as
A. $5 billion. B. $2 billion. C. $8 billion. D. $10 billion.
A firm that can determine the price-output combination in order to maximize profit is known as a
A. demand searcher. B. price searcher. C. cost taker. D. price taker.