A negative marginal utility implies negative total utility.
Answer the following statement true (T) or false (F)
False
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The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true?
A. The demand for each circus performance must be greater than the demand for each basketball game. B. The demand for each basketball game must be more than the demand for each circus performance. C. The supply of circus performances must be less elastic than the supply of basketball games. D. Basketball games must be more expensive to produce than a circus performance.
Excess capacity implies
A. productive inefficiency. B. productive efficiency. C. allocative efficiency. D. allocative inefficiency.
Which of the following would cause the short-run aggregate supply curve to shift to the right?
A) an increase in the price level B) a technological advance C) a decrease in inflation expectations D) an increase in interest rates
When a company’s stock is owned by thousands of individuals,
A. management will be very independent. B. management will be lacking. C. individuals will band together to socialize the firm. D. management will be prevented by government from taking any risks.