________ buys so as to make MUx/MUy = Px/Py for all pairs of goods.
A. Every consumer
B. A utility-minimizing consumer
C. A utility-maximizing consumer
D. Only a consumer with an unlimited budget
Answer: C
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Refer to the table below. Relative to column A, column B represents:Price PerUnitColumn A UnitsPer YearColumn B UnitsPer Year$20100110$308595$407080$505565$604050
A. a decrease in demand. B. a decrease in supply. C. an increase in demand. D. an increase in supply.
Suppose there are 100 firms in an industry. If the leading firm has a 50 percent market share, the second largest firm has a market share of half the leader's, the third has a market share of half the second's, and the fourth largest has a market share of half the third's, what is the four-firm concentration ratio?
a. 6.25 percent b. 100.00 percent c. 75.50 percent d. 93.75 percent e. 99.75 percent
An individual who is suffering from money illusion is more concerned with
A. relative prices than with real prices. B. relative prices than with nominal prices. C. nominal prices than with relative prices. D. real prices than with nominal prices.
If an increase in the supply of a product in the market results in a decrease in price, but no change in the quantity traded, then:
A. The price elasticity of supply is zero B. The price elasticity of supply is infinite C. The price elasticity of demand is unitary D. The price elasticity of demand is zero