The market mechanism satisfies all consumer desires and maximizes business profits.
Answer the following statement true (T) or false (F)
False
Not everyone gets full satisfaction from the market equilibrium.
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In the figure above, what is the total revenue at point A?
A) $20 B) $150 C) $170 D) $3,000 E) 150 quantity units
For state nonmember banks, the "primary" federal regulator is the
A) Federal Reserve. B) FDIC. C) House Banking Committee. D) Comptroller of the Currency.
If the price of a good falls, the marginal utility per dollar received from consuming a specific unit of that good
a. also falls b. stays the same c. rises d. will rise or fall, depending on the consumer e. remains unchanged, provided the consumer buys no more of the good
Evaluate the following statement: "Competitive price-searcher markets are inefficient relative to purely competitive markets since prices are higher and firms don't produce an output rate that minimizes average total cost. As a result, government action should be undertaken to remedy this situation."