The subjective measure of the physical and mental satisfaction that is anticipated from consumption is called
A. demand.
B. supply.
C. recognition.
D. utility.
Answer: D
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Can electric utility companies always raise their total revenue by raising their rates?
What will be an ideal response?
When the demand for an imperfect competitor's product is greater than it planned, the firm will
A) increase the price of the product until supply equals demand. B) meet the demand at its set price. C) reduce the price until supply equals demand. D) allow a shortage of the product to develop, without changing the product's price.
If a decrease in income leads to an increase in the demand for sardines, then sardines are
A) an inferior good. B) a neutral good. C) a necessity. D) a normal good.
Why does the holding of excess reserves by banks and the holding of currency by households and firms cause the real-world deposit multiplier to be less than the simple deposit multiplier?
What will be an ideal response?