Refer to the above table. Brook's utility schedule shows
A. initially decreasing marginal utility and then increasing marginal utility.
B. increasing marginal utility throughout her entire schedule.
C. diminishing marginal utility throughout her entire schedule.
D. initially increasing marginal utility and then decreasing marginal utility.
Answer: C
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Which of the following sellers is most able to perfectly price discriminate?
A) a college or university B) the post office C) a clothing store D) a grocery supermarket
In the long run, in the model of monopolistic competition, for a typical firm, price is
a. above average cost but equal to marginal cost. b. above marginal cost but equal to average cost. c. above marginal cost. d. equal to marginal cost and equal to or greater than average cost.
If there is no comparative advantage in the production of either of the two goods produced by countries 1 and 2, then
A) the benefits resulting from trade between the two countries are increased. B) there are no gains from specialization and trade between the two countries. C) one country must be more productive in producing all goods than the other. D) each country should specialize in the production of a particular good. E) none of the above
Which of the following is most important for young people wanting to increase their wealth and improve their living standard over time?
What will be an ideal response?