As long as a person had to pay a positive price for a good, he would never consume to the point where his total utility was falling with additional consumption
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose your New Year's resolution is to get back in shape. You are considering various ways of doing this; you can sign up for a gym membership, walk to work, take the stairs instead of the elevator, or watch your diet
How would you evaluate these options and choose an optimal one?
Monetarists maintain that the increase in the money supply can explain the inflation of the 1970s and 1980s when one considers the bonds purchased by the Fed to finance the federal deficits of the period
Indicate whether the statement is true or false
Refer to the above figure. From the standpoint of society, the optimal price is
A) P1 B) P2 C) P3 D) P5
Professional organizations (for example, the American Medical Association and the American Bar Association) have been active advocates for regulation to restrict the right of professionals to advertise. Describe what economic incentives might exist for existing professionals to restrict advertising