The allocation of consumer income that balances the ratio of marginal utility to the price of goods purchased is known as ______.
a. the anchor
b. consumer equilibrium
c. the endowment effect
d. marginal utility
b. consumer equilibrium
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In November 2008, the air traffic controllers who work at Guam became unionized. What would NOT be a way for the union to influence labor demand?
A) Have monthly training which improves the marginal productivity of the air traffic controllers. B) Support minimum wage laws. C) Creating job certification which limits the number of newly certified air traffic controllers. D) Lobby the government to limit who can apply to be an air traffic controller in Guam to those who are certified through the union.
Total planned expenditure (equals total output) is 14,000 when autonomous consumption expenditure is 450. When autonomous consumption expenditure falls to 400, total planned expenditure (equals total output) is 13,800
The marginal propensity to consume is ________. A) 0.89 B) 0.75 C) 0.99 D) 0.44 E) 0.03
The area below the demand curve but above the market price line is
A) represents a Nash game outcome. B) consumer surplus. C) total revenue. D) total profit.
When the marginal product ________, the marginal cost ________
A) increases; remains the same B) remains the same; increases C) increases; increases D) increases; decreases