Given a typical demand curve and a decline in price, the consumer who wishes to maximize total utility must increase the quantity purchased of a good to arrive at an optimal MU = P point
a. True
b. False
Indicate whether the statement is true or false
True
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Governments are most effective at providing pure private goods
Indicate whether the statement is true or false
Which of the following are NOT examples of "convergence"?
A) Japan and Europe B) individual states within the United States C) regions within western Europe D) major nations in Latin America and Western Europe
Network effects occur is the costs of production are lower than the costs of production
Indicate whether the statement is true or false
Jimmy’s java shop operates in a monopolistically competitive market. Jimmy’s current output is where average costs are minimized. If this is the case, we would expect Jimmy to
A. increase output and lower price. B. decrease output and Jimmy’s average costs would increase. C. continue production at the current level as Jimmy’s is operating at his best outcome. D. increase output and Jimmy’s average costs would decrease.