Economies of scale can result from
A) larger machines.
B) specialization.
C) large purchases.
D) all of these choices.
D
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An increase in the demand for music downloads indicates that more music downloads are
A. demanded because sellers are putting music downloads on sale. B. demanded because music download prices have decreased. C. demanded even if prices of music downloads stay the same. D. demanded because sellers are selling more music downloads.
According to the law of diminishing marginal utility, after some point:
A. the more we buy of something, the more it costs. B. people should spend all of their income on one good. C. the more we consume of something, the less each additional unit adds to our satisfaction. D. the more we consume of something, the smaller the total satisfaction received from that good.