A consumer's marginal willingness to pay
A) changes with price.
B) is equal to the marginal value to the consumer of the last unit of output.
C) is the minimum price a consumer will pay for the last unit of output.
D) is the first derivative of the demand curve.
B
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In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
According to Williamson and Lindert, during the antebellum period increasing wealth concentration occurred in the U.S
a. within regions. b. within age groups. c. among the native born. d. among the foreign born. e. All of the above.
Daniel notices that every year with a mild winter, his roses begin to bloom in February, but every year with a severe winter, his roses do not begin to bloom until April. He concludes that the severity of the winter is responsible for the month in which his roses begin to bloom. Daniel is
A. very probably correct in his conclusion that the severity of the winter is a cause of when his roses begin to bloom. B. probably misguided in that there is no apparent correlation or causation in this situation. C. definitely confusing correlation with causation. D. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the initial blooming of his roses is the cause of the severity of the previous winter.
A quota sets the maximum amount of a good that is permitted into a country.
Answer the following statement true (T) or false (F)