Whenever a decrease in output leads to an increase in profit, the
a. marginal revenue curve lies above the marginal cost curve
b. total cost curve intersects the total revenue curve
c. marginal cost curve is parallel to the marginal revenue curve
d. marginal cost curve lies above the marginal revenue curve
e. total cost curve lies above the total revenue curve
D
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Which of these common resources is LEAST regulated today?
a) government land in the North b) the Great Lakes c) national parks d) the ocean
Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A) behaving in accordance with classical economic theory. B) worrying too much about a coming recession. C) suffering from money illusion. D) paying too much attention to changes in relative prices.