Changes in consumer confidence, business optimism, government spending, and foreign events that cause economic volatility are known as

Producing where marginal revenue equals marginal cost is equivalent to producing where

A) total revenue is equal to total cost. B) total profit is maximized. C) average fixed cost is minimized. D) average total cost equals average revenue.

Which of the following is correct?

A. There is no firm mathematical relationship between marginal utility and total utility. B. Total utility is equal to the change in marginal utility from consuming an additional unit of a product. C. If marginal utility is diminishing and is a positive amount, total utility will increase. D. If marginal utility is diminishing, total utility must also be diminishing.