High price and low total utility indicate
A. low marginal utility.
B. large quantities are sold.
C. high marginal utility.
D. a high price/marginal utility ratio.
Answer: C
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In the figure above, if the market price is $12, then the total consumer surplus is
A) $12. B) $10. C) minimized. D) $240. E) $480.
The natural rate of unemployment
a. is a specific unemployment rate that can be a target for the Fed b. changes as the inflation rate changes c. is natural because it does not change from period to period d. is a measure of the quality of the Fed's performance e. changes as the efficiency of job searches change
In the circular flow diagram, households get their ability to pay for their consumption expenditures from the
What will be an ideal response?
If a purely competitive firm shuts down in the short run:
A. its loss will be zero. B. it will realize a loss equal to its total variable costs. C. it will realize a loss equal to its total fixed costs. D. it will realize a loss equal to its explicit costs.