Which of the following violates the law of diminishing marginal utility?
a. Phil's marginal utility from drinking another beer remains positive as he drinks more at a party
b. Phil's marginal utility from drinking becomes negative after 6 beers at a party.
c. Phil's total utility from drinking 5 beers at a party is greater than his total utility of drinking 3 beers at a party.
d. The more beer Phil drinks, the more he enjoys the next one.
d
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The vertical distance of the shift in supply from a specific tax of t amount on producers will
A) equal t. B) be less than t. C) depend on the elasticity of supply. D) depend on the incidence of the tax.
Explain what the profit-maximizing combination of resources is for the perfectly competitive firm
What will be an ideal response?
Which of the following would lead to an increase in aggregate demand?
a. an increase in consumer confidence b. a decrease in the overall price level c. an increase in input prices d. all of the above
In the United States, the use of CFCs in most aerosol sprays was banned in
a. 1987 c. 2005 b. 1978 d. 1970