The firm becomes the dominant organization type whenever
a. markets exist
b. markets don't exist
c. the net value of centralized, organized production exceeds the net value of market-arranged production
d. the net value of market-arranged production exceeds the net value of centralized, organized production
e. private enterprise eliminates shirking
C
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The law of increasing opportunity cost explains why
a. opportunity cost is constant along the production possibilities frontier b. the production possibilities frontier is downward sloping c. the production possibilities frontier is curved d. efficient points lie along the production possibilities frontier e. technology remains constant along a production possibilities frontier
Total utility is maximized when _____
a. the marginal utility is maximized b. the marginal utility is the same for all goods consumed c. the marginal utility per dollar expenditure is maximized d. the marginal utility per dollar expenditure is the same for all goods consumed e. any change in purchases from good A to good B reduces marginal satisfaction