Which of the following is NOT consistent with the law of diminishing marginal utility?
A) Newspaper vending machines are not as secure as soft drink machines.
B) A student selects to eat at an all-you-can-eat restaurant rather than at a restaurant that charges for refills.
C) A student's enjoyment of a movie increases the more she watches it.
D) A symphony has free throat lozenges in their lobby.
Answer: C
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The equilibrium price for a British pound is $1.60. At a price of $1.75 per British pound, there would be excess __________ the dollar and the dollar would __________
A) supply of; appreciate B) supply of; depreciate C) demand for; appreciate D) demand for; depreciate
Age is a determinant of income because
A) with age typically come experience, education, and training that can increase income. B) age contributes to costs as medical expenses increase. C) older workers have accumulated more wealth. D) older workers have accumulated less wealth.