International trade has the potential to ____ the availability of goods and services to ____.
A. increase; those nations who export more than they import
B. increase; nations that have an absolute advantage in the production of a good or service
C. increase; all nations
D. decrease; all nations
Answer: C
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When diminishing marginal utility sets in, total utility must be negative
Indicate whether the statement is true or false
Suppose there are two types of consumers with two different demand curves, and the marginal cost of the monopoly is $10. What could be the possible price under two-part pricing that will maximize the monopoly profit?
A) $8 B) $9 C) $10 D) $12
If the average cost curve for an individual firm is decreasing when it intersects the market demand curve, why is a natural monopoly likely to develop in this market? Explain
What will be an ideal response?
The Malthusian dilemma relates to marginal product in that
A) starvation can be averted only if marginal product is constant. B) because of diminishing marginal product, the amount of food produced by each additional member of the population increases. C) because of diminishing marginal product, the amount of food produced by each additional member of the population decreases. D) because of diminishing marginal product, the wage falls as the population decreases. E) because of diminishing average product, the population will not have additional capital to work with.