The underlying reason for the upward sloping nature of the supply curve is that
A. the production of most goods comes with increasing marginal benefits.
B. the consumption of most goods comes with decreasing marginal utility.
C. the production of most goods comes with increasing marginal costs.
D. the consumption of most goods comes with increasing marginal utility.
Answer: C
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"The national debt is too large. The government must stop spending so much money." This statement is
a. a normative statement. b. a positive statement. c. a testable hypothesis. d. both b and c.
Define the short-run Phillips curve
What will be an ideal response?
Hedging risk for a short position is accomplished by
A) taking a long position. B) taking another short position. C) taking additional long and short positions in equal amounts. D) taking a neutral position.
Which of the following is least likely to be an effect of scarcity?
A) rationing device B) choice C) opportunity cost D) dollar price E) utility