A narrowly diversified firm has wide economies of scope

According to the law of diminishing marginal utility, the fifth pair of gloves that Mary receives for Christmas makes her

a. as happy as she was while receiving the first pair b. less happy than she was while receiving the first pair c. more happy than she was while receiving the first pair d. consider that fifth pair as having zero marginal utility e. total utility decrease

As long as the market sets prices above marginal costs, production will be efficient

a. True b. False Indicate whether the statement is true or false