Marginal utility will generally decrease when:
a. more of a particular good is consumed.
b. less of a particular good is consumed.
c. average utility is the least.
d. per capita utility is the least.
e. the TU curve's slope is positive rather than negative.
a
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Which of the following is a fundamental topic addressed by microeconomics?
A) whether to extend unemployment insurance B) determining how many new iPhones the Apple company should produce C) the level of inflation in the country D) the impact of interest rates on savings in the economy
Suppose an acre of land yields 100 bushels of corn and that one bushel of corn provides enough seed for one-quarter of an acre of land. The opportunity cost of consuming another 100 bushels of corn today is
A) 100 bushels of corn next year. B) 25 bushels of corn next year. C) 10 bushels of corn next year. D) 2.5 bushels of corn next year.