If total utility is increasing as more of a good is consumed:
a. marginal utility must be decreasing
b. marginal utility must be increasing at an increasing rate.
c. marginal utility is positive.
d. both (b) and (c) are true.
c
Economics
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For this question, assume that the economy is initially operating at the natural level of output. A monetary expansion will cause
A) no change in the real wage in the medium run. B) an increase in investment in the medium run. C) a reduction in the interest rate in the medium run. D) no change in the nominal wage in the medium run.
Economics
In which of the following market structures does free entry and exit play an important role in the long-run equilibrium outcome? (i) perfect competition (ii) monopolistic competition (iii) monopoly
a. (i) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)
Economics