Refer to Figure 15-4. What is the price charged for the profit-maximizing output level?
A) $13 B) $21 C) $27 D) $34
D
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The figure above gives your budget line for magazine and CDs per month. Given that your income equals $60 per month, what is your real income in terms of CDs?
A) 3 CDs B) 5 CDs C) 6 CDs D) $60/month
The law of diminishing marginal utility implies that the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut, other things constant
a. True b. False Indicate whether the statement is true or false
The natural rate of unemployment is the rate that prevails when structural, frictional, and seasonal unemployment are all equal to zero, and the only source of unemployment is cyclical unemployment
Indicate whether the statement is true or false
The "coincidence of wants" problem associated with barter refers to the fact that:
A. for exchange to occur, each seller must have a product that some buyer wants. B. money must be used as a medium of exchange or trade will never occur. C. specialization is restricted by the size or scope of a market. D. buyers in resource markets and sellers in product markets can never engage in exchange.