Author Question: Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ... (Read 87 times)

mynx

  • Hero Member
  • *****
  • Posts: 555
Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ________ marginal utility and bring a ________ consumer surplus.
 
  A) small; small; large; large
  B) large; large; small; small
  C) small; large; large; small
  D) large; small; small; large

Question 2

As perfectly competitive firms leave a market because they are incurring an economic loss, the price of the good ________ and the economic loss of each remaining firm ________.
 
  A) rises; increases
  B) rises; decreases
  C) falls; increases
  D) falls; decreases



duke02

  • Sr. Member
  • ****
  • Posts: 312
Answer to Question 1

C

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

For a complete list of videos, visit our video library