According to the law of diminishing marginal utility, the marginal utility curve is
A. vertical
B. flat.
C. upward sloping.
D. downward sloping.
Answer: D
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In new growth theory, the source of economic growth is ______.
A. more leisure B. new and better jobs C. the persistent want for a higher standard of living D. an ever increasing growth rate of capital per hour of labor
Excess demand in an unregulated market will cause the price of a product to fall
Indicate whether the statement is true or false
Economists use the term self-interest to indicate that people ______.
a. mostly act for material gain b. are basically selfish c. make choices for personal satisfaction d. want to become wealthy
John's friend Rosika won a major lottery jackpot. Seeing this, and despite the fact that millions don't win and the odds of winning are infinitesimal, John goes out and buys a bunch of lottery tickets despite struggling financially. John's
decision to buy the lottery tickets under these circumstances would best be explained by the: A. hindsight bias. B. self-serving bias. C. confirmation bias. D. availability heuristic.