Marginalism is
A. the process of analyzing the additional costs or benefits arising from a decision.
B. the study of how societies choose to use scarce resources.
C. the best alternative that we forgo when making a decision.
D. a market situation in which profit opportunities are eliminated almost instantaneously.
Answer: A
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Graphically, all else constant, a decrease in the price of labor would be illustrated by:
A) a parallel shift of the isocost line in toward the origin. B) rotating the isocost line away from the origin along the labor axis. C) a parallel shift of the isocost line away from the origin. D) rotating the isocost line in toward the origin along the capital axis.
When a monopolist decreases the price of its good, consumers
a. continue to buy the same amount. b. buy more. c. buy less. d. may buy more or less, depending on the price elasticity of demand.