Total utility can be calculated as the
a. sum of all marginal utilities
b. price paid for one unit of a good
c. product of all marginal utilities
d. total expenditure on all units of a good the consumer buys
e. difference between the marginal utilities of the first and last units of a good
A
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Adverse selection occurs in the market for used cars because used car buyers
A) tend to have more accidents than new car buyers. B) have more information than used car sellers. C) have less information than used car sellers. D) have less incentive to maintain the value of their cars than new car buyers.
What are the sources of the demand for loanable funds? What happens to the quantity of loanable funds demanded when the interest rate rises?
People who believe in the ability-to-pay principle would most likely favor ______.
a. regressive taxes b. progressive taxes c. flat taxes d. excise taxes
If the prices of the factors used to produce a good change, both the demand curve and the supply curve of the good will shift.
Answer the following statement true (T) or false (F)