When marginal utility is zero, total utility is
A) increasing.
B) at its maximum.
C) at its minimum.
D) decreasing.
Answer: B
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Lower U.S. interest rates cause the value of the dollar to
A) fall, making U.S. goods relatively more expensive on world markets. B) fall, making U.S. goods relatively cheaper on world markets. C) rise, making U.S. goods relatively more expensive on world markets. D) rise, making U.S. goods relatively cheaper on world markets.
Which of the following is a bias in the CPI?
i. new goods bias ii. index change bias iii. commodity substitution bias A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
_________ is a thinking and information-gathering process involving a series of decisions
a. Planning b. Acting c. Sequencing d. Brainstorming
The key assumption that distinguishes a constant cost industry from other types of industries is that
a. firms can earn only a normal profit in the long run b. each firm's ATC curve is unaffected by changes in industry output c. each firm has a horizontal long-run average total cost curve d. there are no economies of scale available to the firms in the industry e. each firm faces a horizontal demand curve for its output