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Q. The larger the diameter of a natural gas pipeline, the lower is the average total cost of transmitting 1,000 cubic feet of gas 1,000 miles. This is an example of:

Q. According to ----------- when income increases by a small increment, it leads to increasing marginal utility of income

Q. Which would be an implicit cost for a firm? The cost:

Q. A firm that considers the potential reactions of its competitors when it makes a decision

Q. The law of diminishing returns states that:

Q. At the point of inflexion, the marginal product is:

Q. A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the:

Q. The reason the marginal cost curve eventually increases as output increases for the typical firm is because:

Q. If a firm’s revenues just cover all its opportunity costs, then:

Q. If the cross-price elasticity between two goods is negative, the two goods are likely to be: