Which of the following is an example of an exhaustible resource?
A) silver
B) soybeans
C) pork belly
D) pound cake
A
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Total utility is maximized when a consumer has spent all of his or her income and
A) spent equal amounts on all goods. B) marginal utility is maximized. C) the total utility per dollar from all goods is equal. D) the marginal utility per dollar from all goods is equal.
Which country was among the lowest ranking by the World Bank for effective protection of property rights and rule-based governance?
a. North Korea b. Cuba c. Afghanistan d. Iraq
Suppose Lydia owns the only lawn-mowing business in the small town of Pleasant Pastures. There are 8 people each week whose lawns she might cut, each with a reservation price given in the accompanying table. Assume that the marginal cost of mowing each lawn is constant and equal to $25. CustomerReservationPriceA$36B$34C$32D$30E$28F$26G$24H$22If Lydia charges the same price to all of her customers, then how many lawns should she mow each week?
A. 2 B. 4 C. 5 D. 3
Pure competition produces a socially optimal allocation of resources in the long run because:
A. marginal cost equals marginal revenue. B. marginal cost equals average total cost. C. marginal cost equals price. D. marginal revenue equals price.