According to the principle of diminishing marginal utility, increases in income will create ______ happiness at ______ income levels.
a. zero; lower
b. less; upper
c. more; upper
d. less; lower
b. less; upper
Economics
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When network effects are important, then an industry can experience
A) positive market feedback. B) prince-leadership. C) a zero-sum game. D) a vertical merger.
Economics
If another worker adds 9 units of output to a group of workers who had an average product of 7 units, then the average product of labor
A) will remain the same. B) will increase. C) will decrease. D) and what will happen to it cannot be determined.
Economics