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1 pts
<p>Which statement best illustrates the concept of diminishing marginal utility?</p>
Which statement best illustrates the concept of diminishing marginal utility?
1 pts
<p>The case for the law of demand can best be argued on the basis of;</p>
The case for the law of demand can best be argued on the basis of;
1 pts
<p>A point on a demand curve indicates;</p>
A point on a demand curve indicates;
1 pts
<p>The horizontal axis of a graph which shows a market demand curve indicates the;</p>
The horizontal axis of a graph which shows a market demand curve indicates the;
1 pts
<p>Which will NOT cause a change in the demand for Product A?</p>
Which will NOT cause a change in the demand for Product A?
1 pts
<p>Which good would usually be an inferior good?</p>
Which good would usually be an inferior good?
1 pts
<p>If product Y is an inferior good, and increase in consumer incomes will;</p>
If product Y is an inferior good, and increase in consumer incomes will;
1 pts
<p>Capitalism is an economic system that;</p>
Capitalism is an economic system that;
1 pts
<p>The price elasticity of demand is a measure of the;</p>
The price elasticity of demand is a measure of the;
1 pts
<p>If the price elasticity of demand for a good is 0.75, the demand for the good can be described as;</p>
If the price elasticity of demand for a good is 0.75, the demand for the good can be described as;
1 pts
<p>When the price of a product is increased 10% and the quantity demanded decreases 15%, the product is considered;</p>
When the price of a product is increased 10% and the quantity demanded decreases 15%, the product is considered;
1 pts
<p>If the price elasticity of demand for a product is equal to 0.50, than a 10% decrease in price will;</p>
If the price elasticity of demand for a product is equal to 0.50, than a 10% decrease in price will;
1 pts
<p>The satisfaction, or pleasure, one gets from consuming a good or service is;</p>
The satisfaction, or pleasure, one gets from consuming a good or service is;
1 pts
<p>After eating four slices of pizza, you are offered a fifth slice. Your turn down the slice. Your refusal indicates that;</p>
After eating four slices of pizza, you are offered a fifth slice. Your turn down the slice. Your refusal indicates that;
1 pts
<p>According to the law of diminishing marginal utility, the marginal utility associated with consuming successive units of a good will;</p>
According to the law of diminishing marginal utility, the marginal utility associated with consuming successive units of a good will;
1 pts
<p>One feature of pure monopoly is that the monopolist is;</p>
One feature of pure monopoly is that the monopolist is;
1 pts
<p>Which is a barrier to entry?</p>
Which is a barrier to entry?
1 pts
<p>A characteristic of a purely competitive labor market would be;</p>
A characteristic of a purely competitive labor market would be;
1 pts
<p>If some activities create external benefits as well as private benefits, the economic theory suggests that the activity ought to be</p>
If some activities create external benefits as well as private benefits, the economic theory suggests that the activity ought to be
1 pts
<p>The ratio at which nations will exchange goods and services is known as the </p>
The ratio at which nations will exchange goods and services is known as the
1 pts
<p>Trade between nations with different skills/resources leads to;</p>
Trade between nations with different skills/resources leads to;
1 pts
<p>A firm is considered to be operating most profitably where Marginal Cost and Average Total Cost curves intersect?</p>
A firm is considered to be operating most profitably where Marginal Cost and Average Total Cost curves intersect?
1 pts
<p>Excellent weather created a higher than normal peach crop in South Carolina. Shortly there after the price of peaches fell significantly. These events suggest that a(n);</p>
Excellent weather created a higher than normal peach crop in South Carolina. Shortly there after the price of peaches fell significantly. These events suggest that a(n);
1 pts
<p>A recurring theme in economics is;</p>
A recurring theme in economics is;
1 pts
<p>The opportunity cost for a consumer that smokes cigarettes is the;</p>
The opportunity cost for a consumer that smokes cigarettes is the;
1 pts
<p>Which is the primary focus of study in macroeconomics? </p>
Which is the primary focus of study in macroeconomics?
1 pts
<p>If demand for farm crops is inelastic, a good harvest will cause farm revenues to;</p>
If demand for farm crops is inelastic, a good harvest will cause farm revenues to;