Marginal utility:
a. generally increases as more of a good is acquired
b. generally remains constant as more of a good is acquired.
c. generally decreases as more of a good is acquired.
d. begins to fall when total utility reaches its highest point.
c
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During the Chinese experience with pegging the yuan to the dollar, the yuan was ________. As a result, there was a ________ of dollars on the market, and the Chinese government had to purchase dollars to maintain the peg
A) undervalued; shortage B) undervalued; surplus C) overvalued; shortage D) overvalued; surplus
The marginal revenue product of land curve indicates
a. the additional output generated by an additional unit of land, other things constant b. the additional cost to the firm when it employs an additional unit of land, other things constant c. the additional profit the firm earns when it employs an additional unit of land, other things constant d. the additional revenue the firm earns when it employs an additional unit of land, other things constant e. the amount of land required to produce an additional unit of output, other things constant