Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of

If another worker is hired with a marginal product greater than the previously hired worker, which of the following will be true?

A) Total costs will decrease. B) Fixed costs will decrease. C) Marginal cost will increase. D) Marginal cost will decrease. E) Average fixed costs will increase.

The total utility of water is

A) lower than the total and marginal utility of diamonds. B) lower than the total utility of diamonds, but the marginal utility is higher. C) higher than the total utility of diamonds, but the marginal utility of diamonds is higher. D) the same as the total utility of diamonds, but the marginal utilities are the same.