According to the law of diminishing marginal utility, the marginal utility curve is ____

If demand is taken into account, firms that use cost-plus pricing can adjust price by

A) letting sales fall, but hold the markup constant if demand falls. B) lowering markups on price-elastic goods and raising markups on price-inelastic goods. C) letting sales rise, but hold the markup constant if demand rises. D) raising markups on price-elastic goods and lowering markups on price-inelastic goods.

Large manufacturing firms that buy many different parts or components (e.g., auto manufacturers) can choose which parts to buy from other firms and which parts to make in their own factories

These manufacturers may be able to use monopsony power to reduce the price paid to outside suppliers for parts that are: A) standard components for many manufacturers so that there are many buyers and sellers. B) only used in their cars so that there is one buyer and a few sellers. C) bought and sold in perfectly competitive markets. D) none of the above