If the marginal utility of apples exceeds the marginal cost of producing apples, then in a free market production of apples will ____, with the likely result that marginal utility will ____

a. rise; fall
b. fall; rise
c. rise; rise
d. fall; fall


a

Economics

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What will be an ideal response?

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The definition of a normal good suggests that the

A. income elasticity of demand for the good is greater than 0. B. income elasticity of demand for the good is negative. C. price elasticity of demand for the good is negative. D. cross-price elasticity of demand for the good is positive.

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Consider the following economic agents: a. the government b. consumers c. producers Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy?

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Economics