When marginal utility is positive, then total utility is
a. negative
b. decreasing
c. zero
d. increasing
e. infinite
D
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Households increase the quantity of labor supplied when the
A) real wage rate rises because the opportunity cost of not working rises. B) income tax rises because an increase in the income tax increases the demand for labor. C) nominal wage rate falls because the opportunity cost of not working rises. D) nominal wage rate rises because the real wage rate must also rise. E) real wage rate rises because the opportunity cost of not working falls.
When drawn against the current real wage, the labor demand curve shift to the right if
A) the interest rate increases. B) current taxes increase. C) total factor productivity increases. D) future capital increases.
Game theory is used to explain the pricing behavior of
A) monopolies. B) perfect competition. C) monopolistic competition. D) oligopolies.
Which of the following is true under natural monopoly?
a. The marginal cost curve will be above the average cost curve. b. The monopolist will set price equal to marginal cost and will earn economic profits. c. Economies of scale will be present. d. Output is produced under conditions of constant cost.