BEC Economic Theory review 5

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Joens1313
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299497
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BEC Economic Theory review 5
Updated:
2015-03-30 00:48:07
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BEC Economic Theory review
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BEC Economic Theory review 5
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  1. an increase in supply and demand will ------------- the output quantity with an indeterminate effect of market price
    an increase in supply and demand will increase the output quantity with an indeterminate effect of market price
  2. an decrease in supply and demand will ------------- the output quantity with an indeterminate effect of market price
    an increase in supply and demand will decrease the output quantity with an indeterminate effect of market price
  3. An increase in demand and decrease in supply will ------------------- the market price with an indeterminate effect on output quantity.
    An increase in demand and decrease in supply will increase the market price with an indeterminate effect on output quantity.
  4. An decrease in demand and increase in supply will decrease the market price with an indeterminate effect on output quantity.
    An decrease in demand and increase in supply will -------------------- the market price with an indeterminate effect on output quantity.
  5. What is the utility theory?
    the utility theory is that an individuals objective is to maximize the total utility from available income.
  6. What is the diminishing marginal utility principle?
    The diminishing marginal utility is that equal increments of additional consumption of a good provide smaller and smaller additional units of utility.

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