Economists Gary Becker and Kevin Murphy are associated with which of the following?
A) They discovered that price changes have both income and substitution effects.
B) They have argued that social factors are not important in explaining the choices consumers make.
C) Consumers appear to receive utility from consuming goods they believe are popular.
D) They discovered the first example of a Giffen good.
Question 2
The change in a firm's total cost from producing one more unit of a good or service is
A) the definition of marginal product
B) the result of economies of scale.
C) the definition of marginal cost.
D) impossible to observe in large firms with many manufacturing plants.
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