They have the goal of leisure in their life

Price is high where the ................ utility is greater.

Firms in an oligopoly typically act more like ________.

• shareholders

• business partners

• competitors

Which of the following is called Gossen's first law:

• Law of substitution

• Law of equi- marginal utility

• Law of diminishing marginal utility

• non of these

The social benefits from education

• are lower than the private benefits and therefore education leads to positive externalities.

• are the same as the private benefits and therefore education has no negative externalities.

• are higher than the private benefits and therefore education leads to positive externalities.

Due to the ________, a firm strives to maximize its profits and will therefore never pay more for a worker than the value of his/her marginal productivity to the firm.

• third rule of labor markets

• demand product value

• first rule of labor markets

Company X and company Z are planning to merge their business into one and are seeking regulatory approval. What is the most likely reasoning X & Z will use and present to support their planned merger?

• The newly created firm is able to take advantage of economies of scale.

• The newly created firm will benefit consumers by continuing to operate as separate companies.

• Consumers will purchase the same goods of both companies in the same way as before.

The city of Brandberry has planned to reduce the arsenic in its water by 1 part per billion each year over the next 7 years. What do you expect will happen?

• The cost and benefits to Brandberry will be highest in the last few years of implementing this plan.

• The cost will be the highest and benefits the lowest in year seven.

• The cost and benefits to Brandberry will be lowest in the last few years of implementing this plan.

• Veblen Goods

• Giffen Goods

• Snob Appeal

• All of the Above

Who is Marshall?

• economist

• socialist

• writer

• Reformer