As a consumer consumes more and more of a product in a particular time period, eventually marginal utility
A) rises.
B) is constant.
C) declines.
D) fluctuates.
Answer: C
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How do entry barriers hamper economic prosperity?
What will be an ideal response?
Absent any violations of the first welfare theorem, the competitive equilibrium is efficient.
Answer the following statement true (T) or false (F)
Which of the following accounts for the largest percentage of federal taxes?
a. gift taxes b. social security tax c. individual income taxes d. corporate income taxes
Figure 10-4
?
In Figure 10-4, if full employment occurs at an output level of 4,000 and the economy is currently at an output level of 5,000, then we can expect a(n)
A. increase in autonomous consumer spending that shifts the aggregate demand curve to the left. B. increase in wages that will shift the aggregate supply curve to the left. C. decrease in investment spending that shifts the aggregate demand curve to the left. D. decrease in wages that will shift the aggregate supply curve to the left.