As more of a good is consumed, the marginal benefit of the good
A) increases.
B) decreases.
C) remains constant.
D) is unpredictable.
E) first decreases and then increases.
B
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Which of the following helps explain why the law of supply exists?
A) Larger outputs result in lower costs of production. B) The law of increasing opportunity cost C) The costs of production remain constant throughout all levels of output. D) Sellers realize that if the price increases, they make larger profits and do not need to change their production. E) The law of demand
If firms and workers have rational expectations, including knowledge of the policy being used by the Federal Reserve, the short-run Phillips curve will be
A) vertical. B) flatter in the long run than it is in the short run. C) negatively sloped. D) positively sloped.