The condition, MRSC,C' = 1 + r, describes the representative consumer's
A) investment decision.
B) consumption - savings decision.
C) current period work - leisure decision.
D) future period work - leisure decision.
B
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Congestion taxes tend to cause an increase in traffic volume during rush hours
Indicate whether the statement is true or false
Refer to Figure 3-4. At a price of $25, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
Of the following high-income countries, which has the highest number of CT scanners per 1 million population?
A) Canada B) Japan C) the United Kingdom D) the United States
Consumer's surplus
a. is the gap between total willingness to pay and the total market value of a good. b. guarantees that the market value of a good in money is equal to the total economic value of the good. c. is always negative because of diminishing marginal utility. d. is the total area under a consumer's demand curve.