Refer to the graph shown. Total utility is at its maximum at point:
A. A.
B. B.
C. C.
D. D.
Answer: D
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The tax incidence on buyers is higher if ________
A) the buyers and sellers of a good are equally sensitive to price changes B) the elasticity of the market demand curve is higher than the elasticity of the market supply curve C) the elasticity of the market supply curve is higher than the elasticity of the market demand curve D) the number of sellers in a market is larger than the number of buyers
In long-run equilibrium for the monopolistically competitive firm, the equilibrium point
a. at the highest part
b. close to the highest part
c. at the lowest part
d. close to the lowest part
The United Kingdom (UK) is composed of the following individual countries
A. England, Scotland, Wales, and Ireland B. England, Scotland, Wales, and Northern Ireland C. England, Scotland, and Wales D. England, Scotland, Ireland, and Northern Ireland
Economic models are used to
A. exactly replicate reality. B. predict all possible outcomes of a study. C. determine the thoughts of individuals. D. simplify reality to predict outcomes.