Marginal utility is best computed as the ratio of:
a. total utility to change in quantity consumed.
b. the change in total utility to total quantity consumed.
c. total quantity consumed to total utility.
d. the change in total utility to change in quantity consumed.
d
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The "effectiveness lag" in monetary policy is the amount of time it takes
A) to collect the data to determine if a policy change is required. B) for monetary policy to have an impact on inflation and unemployment. C) for monetary policy to affect the money supply. D) to collect the data to determine what effect monetary policy has had on the economy.
Suppose an oligopoly has a dominant firm that sets the price for the entire industry. In this situation, the oligopoly has:
a. nonprice competition. b. a kinked demand curve. c. price leadership. d. a cartel.