As more units of an item are purchased, everything else equal, marginal satisfaction from consuming additional units will tend to
a. decrease at the same rate for all consumers.
b. decrease but at different rates for different people.
c. increase at the same rate for all consumers.
d. increase but at a decreasing rate for all consumers.
b
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Which of the following costs can be positive when output is zero?
A) average variable cost B) total variable cost C) marginal cost D) total fixed cost E) None of the above because when output is zero there are no costs.
Assuming the same sized substitution effect, normal goods have steeper cross-price demand curves than inferior goods.
Answer the following statement true (T) or false (F)
The person on the other side of a transaction is referred to as the:
A) derivator B) counterparty C) hedger D) speculator
Should you stay in school beyond the current semester? Describe how you might use the neoclassical theory of investment to help you decide
What will be an ideal response?