If marginal utility becomes negative for the first time, which of the following is true?
a. Total utility is growing steeply
b. Total utility begins to decline.
c. A rational consumer would never knowingly pay a positive price for these units of the good or service generating negative marginal utility.
d. Total utility equals marginal utility.
e. Both b. and c. above are correct.
e
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Which of the following would most likely cause the production possibilities curve for breadfruit and fish to shift outward from AA to BB in Figure 2-2?
a. a decrease in the labor force of the country b. a sudden change in consumer preferences for more fish and less breadfruit c. a major technological advance d. a decrease in the capital stock
Which of the following will result in a leftward shift of the market supply curve for labor?
a. an increase in immigration b. a decrease in labor productivity c. an increase in the working-age population d. an increase in nonwage income