The decision to go to graduate school is a rational one for a college student if the
A) cost is not too great.
B) marginal cost exceeds the marginal benefit of graduate school.
C) marginal benefit of graduate school exceeds the marginal cost.
D) opportunity cost of graduate school equals zero.
E) student carefully compared the social benefits of this decision.
C
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The total quantity of goods and services demanded by households, firms, foreigners, and government at varying price levels is:
a. gross domestic product. b. aggregate demand. c. aggregate expenditure. d. total demand. e. total expenditure.
According to the "law" of demand, we would expect
a. the demand curve to be negatively sloped. b. the demand curve to be positively sloped. c. the total quantity demanded by the market to move in the same direction as price. d. marginal utility to increase as quantity demanded increases.