Microeconomics studies
A. the changes in economic theory brought about by changes in the nationwide economy.
B. how changes in the nation's birth rate affect its labor force.
C. how changes in the money supply affect how much households consume.
D. decisions made by individual consumers and firms.
Answer: D
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Assume that Alex would like to purchase a combination of product A and product B such that, after he is done spending his limited income, the MUa / Pa = 8 and MUb / Pb = 4. To maximize utility without spending more money, Alex should
A. purchase more of both product A and product B. B. purchase less of product A and more of product B. C. purchase more of product A and less of product B. D. make no change in purchases of products A and B.
Use the data in the table below to answer the following questions about a firm
Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 25 0 $10 1 25 2 10 2 25 7 10 3 25 14 10 4 25 20 10 5 25 23 10 6 25 24 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.
Which statement is true?
A. The monopolistic competitor can make a profit in the long run. B. The monopolistic competitor operates at an output that is the lowest point on the ATC. C. The monopolistic competitor has a small influence on price because its products are differentiated. D. None of these statements are true.
A currency appreciation should _______ net exports, and, therefore, _________aggregate demand.
A. reduce; decrease B. reduce; reduce C. increase; decrease. D. None of the above is correct.