When the marginal product is increasing as the quantity increases, then as the quantity increases, the
A) average product is decreasing.
B) marginal cost is decreasing.
C) total cost is decreasing.
D) total product is decreasing.
E) fixed cost is increasing.
B
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Expectations that the price level will decrease in the future will _____
a. make the current consumption function flatter b. shift the current consumption function downward c. result in an upward movement along the current consumption function d. result in a downward movement along the current consumption function e. make the current consumption function steeper
The different combinations of any two goods that an individual can afford to purchase, given his income and prices, is shown by:
a. an indifference curve. b. an indifference map. c. a budget line. d. a demand curve. e. a supply curve.