1. 2. 2 3. The sum of the utility derived from consuming a product is... (a) total utility. (b) average utility (c) marg

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1 2 2 3 The Sum Of The Utility Derived From Consuming A Product Is A Total Utility B Average Utility C Marg 1 (50.19 KiB) Viewed 35 times

1. 2. 2 3. The sum of the utility derived from consuming a product is... (a) total utility. (b) average utility (c) marginal utility (d) diminishing utility The problem of what to produce in a socialistic economy is primarily solved by... (a) government action. (b) the preferences of consumers. (c) the system of mass production of goods. (d) the amount of advertising. An increase in supply at all prices is represented by ... (a) a movement down the supply curve. (b) a movement up the supply curve. (c) a rightward shift in the supply curve. (d) a leftward shift in the supply curve. The supply curve for an individual competitive firm in the short-term is... (a) the marginal cost curve. (b) the average variable cost curve. (c) the total cost curve. (d) the average fixed cost curve. In the short term, a competitive fim should shut down operations when prices fall below minimum.. a 4. 5. 6. (a) average total cost. (b) marginal cost. (c) average fixed costs. (d) average variable costs. Which of the following would be considered a transfer payment? (a) Payment for a train journey (b) Monthly instalments on a motor vehicle (c) Social security payment (d) Payment for a meal in a fast-food restaurant