Consumer equilibrium is a condition in which total utility cannot increase by spending more of a given budget on one good and spending ____ on another good
a. an equal amount
b. more
c. less
d. zero
c
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A potential employee that dresses well for an interview is attempting to reduce asymmetric information by
A. looking more intelligent. B. signaling their type. C. showing moral character. D. mandating that information be shared.
Nona has just gone on a bike ride for an hour and says it gave her a utility of 7. If she chooses to continue to ride her bike for another hour:
A. we can assume she will get at least a marginal utility of more than 7. B. we can assume she will get a marginal utility of 7. C. we can assume she will get a marginal utility of less than 7. D. we can assume Nona's total utility will fall because of diminishing marginal utility.
Sketch graph a natural monopoly like a city transportation subway with the typical ATC, MC, and demand and MR functionsA. Label the profit maximizing monopoly price with a P1.B. Label the typical public utility commission regulated price which requires no subsidy as P2.C. Label the socially efficient price as P3.D. Shade in the area of the subsidy required in one of the cases above.E. Explain why a subsidy is often used for public transportation but not for municipal water supply.
What will be an ideal response?
Goods and activities typically are more highly valued the sooner they can be enjoyed, other things constant,
a. only when interest rates are positive b. because interest rates are positive c. only when people save d. because people save e. because people have positive rates of time preference