marginal cost must be less than average total cost.
  • Which of the following is correct as it relates to cost curves?
  • If average total cost is declining, then:
  • To maximize utility a consumer should allocate money income so that the:
  • If total utility is increasing, marginal utility:
marginal utility obtained from the last dollar spent on each product is the same.
  • To economists the main difference between the short run and the long run is that:
  • Which of the following is correct as it relates to cost curves?
  • If average total cost is declining, then:
  • To maximize utility a consumer should allocate money income so that the:
MC
  • If a firm wanted to know how much it would save by producing one less unit of output, it would look to:
  • Ben is exhausting his money income consuming products A and B in such quantities that MUa/Pa = 8 and MUb/Pb = 5. Ben should purchase:
  • The law of diminishing returns indicates that:
  • The law of diminishing marginal utility states that:
is positive, but may be either increasing or decreasing.
  • Marginal utility can be:
  • Economies and diseconomies of scale explain:
  • If total utility is increasing, marginal utility:
  • If average total cost is declining, then:
in the long run all resources are variable, while in the short run at least one resource is fixed.
  • Economies and diseconomies of scale explain:
  • The income effect indicates that:
  • To economists the main difference between the short run and the long run is that:
  • To maximize utility a consumer should allocate money income so that the:
its fixed costs.
  • The vertical distance between a firm's ATC and AVC curves represents:
  • Which of the following is correct as it relates to cost curves?
  • If average total cost is declining, then:
  • If a firm decides to produce no output in the short run, its costs will be:
when the price of a product falls, the lower price will induce the consumer to buy more of that product at the expense of other products.
  • To maximize utility a consumer should allocate money income so that the:
  • The substitution effect indicates that:
  • The income effect indicates that:
  • Economies and diseconomies of scale explain:
may or may not involve monetary outlays.
  • Marginal utility can be:
  • Normal profit is:
  • Costs to an economist:
  • Total fixed cost (TFC):
the increase in total output attributable to the employment of one more worker.
  • Marginal utility can be:
  • Normal profit is:
  • Marginal cost is the:
  • Marginal product is:
positive, negative, or zero.
  • Marginal cost is the:
  • Marginal product is:
  • Marginal utility can be:
  • If total utility is increasing, marginal utility:
more of X and less of Y.
  • Suppose that MUx/Px exceeds MUy/Py. To maximize utility the consumer who is spending all her money income should buy:
  • The vertical distance between a firm's ATC and AVC curves represents:
  • If a firm decides to produce no output in the short run, its costs will be:
  • Which of the following is correct as it relates to cost curves?
consumers behave rationally, maximizing their satisfactions.
  • Economies and diseconomies of scale explain:
  • The income effect indicates that:
  • The theory of consumer behavior assumes that :
  • If total utility is increasing, marginal utility:
why the firm's long-run average total cost curve is U-shaped.
  • The income effect indicates that:
  • Economies and diseconomies of scale explain:
  • The substitution effect indicates that:
  • To economists the main difference between the short run and the long run is that:
the short run only.
  • Total fixed cost (TFC):
  • Fixed costs are associated with:
  • The income effect indicates that:
  • Fixed cost is:
AFC, which decreases as output increases.
  • To maximize utility a consumer should allocate money income so that the:
  • If average total cost is declining, then:
  • The vertical distance between a firm's ATC and AVC curves represents:
  • Which of the following is correct as it relates to cost curves?
as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point.
  • The law of diminishing returns indicates that:
  • Ben is exhausting his money income consuming products A and B in such quantities that MUa/Pa = 8 and MUb/Pb = 5. Ben should purchase:
  • The substitution effect indicates that:
  • The law of diminishing marginal utility states that:
beyond some point additional units of a product will yield less and less extra satisfaction to a consumer.
  • The law of diminishing returns indicates that:
  • The law of diminishing marginal utility states that:
  • Ben is exhausting his money income consuming products A and B in such quantities that MUa/Pa = 8 and MUb/Pb = 5. Ben should purchase:
  • The income effect indicates that:
change in average total cost that results from producing one more unit of output.PG 149-150
  • Marginal product is:
  • Normal profit is:
  • Marginal cost is the:
  • Marginal utility can be:
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