Which of the following statements is true?
A) Macroeconomics studies how individuals make choices.
B) Microeconomics is the study of an economy as a whole.
C) The study of the inflation rate is covered under microeconomics.
D) The study of the unemployment rate is covered under macroeconomics.
D
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When a firm incurs losses in the short run, the most important consideration in determining whether to continue producing is whether
a. marginal cost equals marginal revenue b. average total cost is at its minimum c. average variable cost is at its minimum d. revenues cover some of its fixed costs and all of its variable cost e. total revenue exceeds total cost
Total utility
A) cannot decrease as a person consumes more and more of a good. B) has a constant rate of increase as a person consumes more and more of a good. C) is equal to the sum of the marginal utilities of all units consumed. D) is negative when marginal utility is declining.