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Author Question: Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ... (Read 41 times)

mynx

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on: Jun 29, 2018
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

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


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