Which statement is false?
A. A product's utility to a buyer is measured by how much the buyer is willing to pay for it.
B. A person would maximize her total utility when she had no consumer surplus.
C. We will consume a service when its marginal utility is equal to its price.
D. As the price of a good rises the consumer surplus decreases.
B. A person would maximize her total utility when she had no consumer surplus.
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The least squares regression is based on:
A) maximizing the absolute sum of squares errors. B) minimizing the absolute sum of squares errors. C) maximizing the sum of squared errors. D) minimizing the sum of squared errors.
The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
A. communism. B. a market system. C. a command system. D. socialism.
________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium
A) Marginal cost B) Producer atrophy C) Deadweight loss D) Economic shortage
The ________ is the share of industry output in sales or employment accounted for by the top firms in an industry.
A. concentration ratio B. competitive index C. contestability ratio D. collusive level