Economic theory defines capital as
A) anything that is scarce.
B) non-human resources.
C) produced resources used to produce future goods.
D) resources containing a positive opportunity cost.
E) stocks and bonds.
C
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The table above shows Tom's total utility from milkshakes and sodas. What is the marginal utility of the eighth soda?
A) 32 units B) 20 units C) 10 units D) 8 units
Phil's filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by. It enjoyed high profits. After a while, Glen's gas another gas station opened up close by. The profits for the first gas station are likely to decrease because
a. it has to lower prices, since its product is now more price elastic b. It has to lower prices since its product is now more price inelastic c. due to the increased availability of substitutes d. both A&C