"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of
a. increasing marginal returns
b. marginal rate of substitution
c. supply
d. diminishing marginal utility
e. demand
D
Economics
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The primary objective of a for-profit firm is to ___________
a. maximize agency costs b. minimize average cost c. maximize total revenue d. set output where total revenue equals total cost e. maximize shareholder value
Economics
Based on the fact that the companies Ford, IBM, PepsiCo, and McDonald's own and operate producing units in many different countries, they are categorized as:
a. joint ventures. b. sole proprietorship firms. c. partnership firms. d. multinational firms. e. co-operative firms.
Economics