According to your text, the economic way of thinking focuses on

A) actions, interactions, and consequences.
B) intentions, motivations, and results.
C) hypothesis generation, determination of control group, and testing of hypothesis.
D) id, ego, and superego.


A

Economics

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Liz loves to eat popcorn. Still, the more she eats, the less she wants each additional bite. Her marginal utility from popcorn is

A) diminishing. B) negative. C) increasing. D) zero.

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Under monopolistic competition, firms produce ________ products and have prices ________ marginal cost.

A. differentiated; above B. differentiated; below C. homogenous; above D. homogenous; below

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If the price of personal computers were to rise, then the demand for printers would decrease because personal computers and printers are

A) complementary goods. B) consumer goods. C) inferior goods. D) substitute goods.

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Suppose that a monopoly computer chip maker increases production from 10 microchips to 11 microchips. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is:

a. $9. b. $19. c. $1. d. $29.

Economics