As output increases, marginal cost will eventually
A) increase because of the law of increasing returns.
B) increase because of the law of diminishing returns.
C) decrease because of the law of diminishing returns.
D) decrease because of the law of increasing returns.
B
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A budget line shows the
A) consumption possibilities of a consumer at a given level of income and prices. B) complete set of preferences for a household at various incomes. C) consumption possibilities for several sets of relative prices at a level of income. D) rate at which consumers wish to substitute one good for another.
If there are 10,000 people in your age bracket, and 10 of them died last year, an insurance company believes that the probability of someone in that age bracket dying this year would be
A) 0. B) .001. C) .0001. D) 1,000.