Which of the following scenarios could be an example of increasing marginal utility?
a. A father buying three game CDs for his son.
b. A shopkeeper selling the tenth unit of hamburger.
c. A philatelist buying an additional stamp for collection.
d. A consumer buying an additional unit of apple.
c
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What is one reason why would corn production, which takes place in a perfectly competitive market, achieve an efficient use of resources?
A) because a perfectly competitive firm produces at the lowest possible long run average total cost B) because a perfectly competitive firm produces where marginal revenue exceeds marginal cost C) because a perfectly competitive firm is a price maker D) because the goal of a perfectly competitive firm is to profit maximize
Refer to Figure 84. The marginal cost of the third microwave oven is A) $133.33. B) $150. C) $350 D) indeterminate from this information.
A recessionary gap can be defined as:
A. an economy that is operating above its full-employment capacity. B. an economy that is operating at full-employment capacity. C. the amount by which aggregate expenditures exceeds the aggregate expenditures level needed to generate equilibrium real GDP at full employment without inflation D. the amount by which aggregate expenditures falls short of the level needed to generate equilibrium real GDP at full employment without inflation.
Explain how the presence of a superstar basketball player can increase the marginal revenue product of the other players on the team.
What will be an ideal response?