If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product?
Answer: Fewer
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Why have poor nations invested so much money in education and health? Evaluate the soundness of these reasons
What will be an ideal response?
Picture a linear downward-sloping demand curve. If the price continues to fall, the price elasticity will
a. change from elastic, to unit elastic, to inelastic b. remain unchanged whatever the price range c. change from inelastic, to elastic, to unit elastic d. change from unit elastic, to elastic, to inelastic e. change from elastic, to inelastic, to unit elastic
The equal wealth and income distribution in the U.S. during its antebellum period can be clearly linked to its system of private property rights over land and minerals
Indicate whether the statement is true or false
Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. This implies the consumer should purchase more apples and fewer bananas in order to maximize utility
a. True b. False Indicate whether the statement is true or false