Marginal utility must be positive
a. True
b. False
Indicate whether the statement is true or false
False
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In the expression for present value of benefits (PVB), ?(bt/[1+rs]t), with bt= Bt/(1 + p)t,
a. bt represents incremental nominal benefits b. Bt represents incremental real benefits c. bt represents incremental real benefits d. p stands for the opportunity cost of money
A competitive firm's total revenue minus its total opportunity cost equals its ________
A) marginal revenue B) economic profit C) opportunity cost D) normal profit
If a perfectly competitive firm is producing the short-run profit-maximizing quantity and is earning positive economic profits, the firm should anticipate ________.
A) the market equilibrium price to increase B) earning economic profits indefinitely C) new firms to enter the market D) the market supply to decrease
Economic scarcity arises from
a. inefficient production. b. limited resources and limitless wants. c. limited wants and limitless resources. d. exploration.