"I'm tired of eating muffins for breakfast. Today, I'm trying a bagel." These statements most clearly reflect the:
a. law of increasing returns to scale.
b. second law of demand.
c. law of diminishing marginal utility.
d. law of comparative advantage.
c
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Suppose that last year the unemployment rate was 5 percent and the inflation rate was 2.5 percent. If the natural rate of unemployment is 5 percent, how do you expect inflation to change?
What will be an ideal response?
Technological advancements have led to lower prices and an increase in the sale of digital cameras. How does this affect the digital photo printing paper market?
A) The demand curve for digital photo printing paper shifts to the right. B) The demand curve for digital photo printing paper shifts to the left. C) The supply curve for digital photo printing paper shifts to the right. D) The supply curve for digital photo printing paper shifts to the left.