Which of the following sayings describes the concept of diminishing marginal utility?
a. time is money
b. penny wise and pound foolish
c. absence makes the heart grow fonder
d. a penny saved is a penny earned
e. a fool and his money are soon parted
C
You might also like to view...
Describe the provisions of the Sherman Act
What will be an ideal response?
Which of the following is not a shortcoming of the concentration ratio as a measure of the extent of competition in an industry?
A) Concentration ratios are calculated for the national market, even though the competition in some industries is mainly local. B) Concentration ratios do not address the fact that competition sometimes exists between firms in different industries. C) Concentration ratios assign weights to only the four largest firms in an industry. D) Concentration ratios do not include sales in the United States by foreign firms.
A mixed strategy may
A) be part of a Nash equilibrium. B) be a set of probabilities of selecting each possible action. C) lead identical firms to choose different actions. D) All of the above.
Which of the following would be categorized as "land"?
A) timber B) human capital C) buildings D) entrepreneurship