Explain the concept of consumer equilibrium
What will be an ideal response?
A consumer equilibrium is a situation in which a consumer has allocated all his or her available income in the way that, given the prices of goods and services, the combination of goods and services maximizes the consumer's total utility.
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How is the GDP deflator is calculated
What will be an ideal response?
In a direct, majority-rule vote,
a. all voters get what they want b. a majority of voters get exactly what they want c. only the median voter is completely satisfied d. a minority of voters are dissatisfied e. only the median voter is dissatisfied
A constant-cost industry is an industry in which
A) average costs fall as the industry expands output. B) average costs rise as the industry expands output. C) average costs remain constant as the industry expands output. D) input prices rise at a constant rate as firms in the industry use more inputs.
In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This creates a de facto
A) monopolist. B) monopsony. C) duopoly. D) bilateral monopoly.