Abnormal net income is similar to economic profit
Indicate whether the statement is true or false
False
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The stronger that consumer demand is for a good or service, other things being equal,
a. the higher its price. b. the lower its price. c. the more stable its price. d. the less stable its price.
In the theory of utility, it is assumed that marginal utility:
a. increases as the consumption of a product increases. b. is always zero irrespective of any increase or decrease in consumption. c. remains constant when consumption of a product increases. d. diminishes as the consumption of a product increases. e. remains constant when the consumption of a product decreases.
Personal income is equal to:
a. NI minus personal income tax. b. NI minus net factor income from abroad. c. NI plus income currently earned but not received - income currently received but not earned. d. NI minus indirect business taxes. e. NI plus income currently received but not earned - income currently earned but not received.
Which of the following might be an effect of advertising?
a. all of the following b. increased product differentiation c. increased total costs of production d. increased average total costs of production e. increased demand for the product