Utility is:
a. easily measured, because all people derive the same utility from consumption.
b. easily measured, because it is an objective concept.
c. easily measured, because it is a subjective concept.
d. hard to measure, because it is a subjective concept.
e. hard to measure, because it is an objective concept.
d
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The measured distribution of ________ is a more accurate indicator of the degree of economic inequality than the measured distribution of ________ because ________ data does not include ________
A) income; wealth; wealth; human capital B) wealth; income; income; holdings of real estate C) wealth; income; income; human capital D) income; wealth; wealth; employment information
An advantage of the establishment survey over the household survey of the labor market is that the establishment survey
A) includes the number of self-employed persons. B) provides an estimate of the number of persons unemployed. C) is based on actual payrolls, rather than on unverified answers. D) includes persons employed at newly opened firms.
If a firm in a perfectly competitive industry is experiencing higher than normal returns, in the long-run
a. Some firms will leave the industry and price will rise b. Some firms will enter the industry and price will rise c. Some firms will leave the industry and price will fall d. Some firms will enter the industry and price will fall
If a monopolist engages in perfect price discrimination,
a. the marginal revenue curve becomes steeper b. the demand curve also becomes the marginal revenue curve c. the demand curve is steeper than the marginal revenue curve d. the demand curve is not as steep as the marginal revenue curve e. there is no way to define its marginal revenue