When marginal utility begins to diminish, total utility always diminishes

A feature of imperfect competition is _________, which means that as the firm expands its production, average costs of production fall. Therefore, the firm can _______ its costs of production by selling internationally.

a. economies of scale; decrease b. economies of scale; increase c. increasing returns to scale; decrease d. specialization; increase

Which of the following scenarios would make monetary policy the most difficult to address?

A) A worldwide spike in oil prices resulting in higher production costs. B) A rise in unemployment that causes consumers to spend less. C) A reduction in business confidence that leads to a reduction in investments D) A booming housing market that causes inflation to rise.