Suppose a consumer is spending his or her entire budget. In order to obtain the most satisfaction from his or her purchases, all goods should:
a. provide the same marginal utility per dollar.
b. be consumed in equal quantities.
c. have identical marginal utilities.
d. give the consumer matching amounts of total utility.
a
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In the above figure, if the market price is less than $7, the firm
A) produces 10 units. B) produces 8 units. C) produces 0 units. D) produces 11 units.
What is the shape of a perfectly elastic demand curve? Explain its significance for a seller
Refer to Table 10-2. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) -1% B) 1% C) 2% D) 4%
According to the Real Business Cycle model real wages should
A) remain constant. B) fall during recessions. C) rise during recessions. D) stay the same during recessions but rise during expansions.