The law of diminishing marginal utility helps to explain why supply curves are generally upward sloping
Indicate whether the statement is true or false
False
You might also like to view...
Suppose Acme and Mega produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Acme and Mega decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Mega cheats on the agreement by reducing its price to $1 and Acme matches the price cut, then if consumers are evenly split between the two firms, Acme's economic profit will be ________.
A. $100 B. $200 C. $150 D. $75
An individual pays $100 every month as rent for an apartment, and his monthly opportunity cost of commuting from the apartment to his place of work is $40. Which of the following statements is then true?
A) The direct cost of renting the apartment is $140. B) The indirect cost of renting the apartment is $140. C) The direct cost of renting the apartment is $40, whereas the indirect cost of renting the apartment is $100. D) The direct cost of renting the apartment is $100, whereas the indirect cost of renting the apartment is $40.
Which of the following is a characteristic of perfect competition?
A. Large barriers to entry. B. A small number of firms. C. Firms selling unique goods. D. None of the alternatives are characteristics of perfect competition.
The demand for U.S. dollars is derived from foreign demand for U.S. exports
a. True b. False Indicate whether the statement is true or false