How much is autonomous consumption when disposable income is $8 trillion?
$2 trillion
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Transaction costs can be defined as the costs:
A. incurred by buyer and seller in agreeing to and executing a sale of goods or services. B. the government must pay to allow for an exchange. C. incurred by the buyer and seller in agreeing to and executing a purchase of goods or services, excluding transportation costs. D. the government incur to create a structured market for the exchange of buyers and sellers.
The strategy for the Stackelberg Leader is
A. to take account of the effect of its own behavior on the rival firm's quantity choice. B. collusion. C. to sell a marginally higher quantity of goods than the rival. D. to sell at a marginally lower price than the rival.
To maximize profits, a firm should produce output up to the point where
A. marginal revenue equals marginal cost. B. price equals marginal revenue. C. the gap between the demand curve and the ATC is the greatest. D. None of the choices are correct.
Suppose that, at a rental rate of $1000 per month, 650 residents wish to rent apartments and that landlords offer 800 apartments available for rent. Which one of the following statements is then TRUE?
A) There is a shortage of 150 apartments. B) There is an excess demand for apartments. C) The market clearing rental price of apartments is too low. D) The market clearing rental price of apartments is less than $1000 per month.