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How does technology affect real-world competition?

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How does globalization affect real-world competition?

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Who are the winners and losers when the government imposes tariffs and quotas?

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1. Regarding utility: a. the total satisfaction one gets from one's consumption is called marginal utility. b. if you buy one Big Mac that gives you marginal utility of 400 and a second one that gives you marginal utility of 250, total utility of eating two Big Macs is 650. c. according to the law of diminishing marginal utility the more we consume of something, the smaller the total satisfaction received from that good. d. total utility received from the consumption of a good will be maximized when marginal utility is at a maximum. 2. Prices for artificial flowers have fallen by 10 percent and the quantity the public demands has risen by 10 percent. This is an example of _____... click for more

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11. Economies of scale: a. means that per unit costs decrease as output increases in the long run. b. are caused by loss of team spirit as a firm expands in size. c. is the result of mismeasurement of opportunity costs. d. occur when per unit costs increase as one input is added to production. 12. Kellogg's, the breakfast food people, comprise one of four corporations that control about 92 percent of its market for breakfast food. Kellogg's would be considered: a. a perfect competitor. b. a monopolist. c. an oligopolist. d. to be engaged in monopolistic competition. 13. Ruby's Beauty College of Grand Forks, Nebraska, is one of many local beauty colleges each special... click for more