The law of diminishing marginal utility explains why people and societies rarely make all-or-nothing choices
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in the price of steel to producers of refrigerators will cause
A) the quantity demanded for steel to increase. B) the demand for refrigerators to decrease. C) the quantity supplied of refrigerators to increase. D) the supply curve for refrigerators to shift left.
Refer to the data. The average fixed cost of producing 3 units of output is:
A. $8.
B. $7.40.
C. $5.50.
D. $6.
Suppose each good costs $5 per unit and Megan holds $40 . What is the real value of the money she holds?
a. $40 . If the price of goods rises, to maintain the real value of her money holdings she needs to hold more dollars. b. 8 units of goods. If the price of goods rises, to maintain the real value of her money holdings she needs to hold more dollars. c. $40 . If the price of goods rises, to maintain the real value of her money holdings she needs to hold fewer dollars. d. 8 units of goods. If the price of goods rises, to maintain the real value of her money holdings she needs to hold fewer dollars.
Revenues when a firm engages in peak-load pricing based on the figure below will be: 
A. (P4 × Q3). B. (P1 × Q2) + (P2 × Q3). C. (P3 × Q1) + (P4 × Q3). D. (P1 × Q1) + (P4 × Q3).