If the demand for hamburgers decreases, the equilibrium price
A) rises and the equilibrium quantity increases.
B) falls and the equilibrium quantity increases.
C) rises and the equilibrium quantity decreases.
D) falls and the equilibrium quantity decreases.
D
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Marginal utility is measured by the maximum amount of money a consumer is willing to pay for one more unit of a commodity.
Answer the following statement true (T) or false (F)
When new firms enter the perfectly competitive Miami bagel market, the market
A) supply curve shifts leftward. B) supply curve does not change. C) demand curve shifts rightward. D) supply curve shifts rightward. E) demand curve shifts leftward.
The original intention of the Fed's role as lender of last resort was to make loans to banks that were
A) not illiquid nor insolvent. B) illiquid, but not insolvent. C) insolvent, but not illiquid. D) both illiquid and insolvent.
Individuals who fully insure their house and belongings against fire
A) have wasted their money if a fire does not occur. B) generally do so in order that their after-fire wealth can be equal to their before-fire wealth. C) generally do so in order that their after-fire wealth can be higher than their before-fire wealth. D) generally do so in order to guarantee that the worst outcome, a fire with no insurance, does not occur. E) can never come out as well financially after a fire as they were before it.