Veblen goods:
A. are an excellent example of the individual nature of utility.
B. are goods which consumers buy to show how wealthy they are.
C. are goods that people buy more of when their income decreases.
D. are inferior goods.
B. are goods which consumers buy to show how wealthy they are.
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An investment option is profitable if:
A) its net present value is zero. B) its net present value is positive. C) its net present value is negative. D) its present value is negative
In the figure above, the deadweight loss created if the industry changes from perfectly competitive to a single-price, unregulated monopoly is
A) zero. B) $8.00 per day. C) $24.00 per day. D) $36.00 per day.
In the supply and demand model, prices
a. are controlled by the government. b. show equilibrium. c. are signals about the value and availability of the good. d. are the cost of production.
Which of the following is a goal of a welfare system?
A. To make recipients happy B. To reduce the number of children born C. To provide an adequate standard of living D. None of the above