The total amount of satisfaction yielded by the consumption of a good or service is called
A. market equilibrium.
B. total demand.
C. total utility.
D. maximized behavior.
Answer: C
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Rita cooked a meal for her family which is worth $100 in the nearest eatery. What will be the impact of this activity on the calculation of GDP? Explain your answer
What will be an ideal response?
Refer to Table 2-2. Assume Nadia's Neckware only produces ascots and bowties. A combination of 8 ascots and 18 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.
The De Beers diamond mining and marketing company of South Africa became one of the most profitable and longest-lived monopolies in history. Which of the following has always threatened De Beers' control of the diamond market?
A) At different times in the past some countries have banned the importation of diamonds from South Africa for political reasons. B) Competition from imitation diamonds. Technology has made it possible to make fake diamonds look exactly like real diamonds. C) Competition from other gemstones, including rubies and emeralds, that have become more popular over time. D) Since few diamonds are ever destroyed, De Beers has constantly faced possible competition from other firms reselling diamonds.
Assuming the firm in the graph shown is producing Q1 and charging P3, it is likely showing the cost and revenue curves of a monopolistically competitive firm that is:
These are the cost and revenue curves associated with a firm.
A. earning positive economic profits.
B. earning negative economic profits.
C. earning zero economic profits.
D. It is impossible to tell from the graph provided.