As we move down a person's demand curve, marginal utility declines
a. True
b. False
Indicate whether the statement is true or false
True
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Kris, Taylor and Max are the only three residents in a neighborhood. A public good that would benefit all of them has a one-time installation cost of $900. The value of the public good to each resident is shown in the table below. Any tax plan must be approved by simple majority. ResidentReservation PriceIncomeKris$100$1,000Taylor$200$5,000Max$700$6,000 Suppose that the government knows each resident's reservation price. To collect no more than $900 in tax revenue, each resident should be charged ________ percent of their ________.
A. 90; reservation price B. 70; reservation price C. 100; reservation price D. 20; income
When the inflation rate rises, the purchasing power of nominal income:
A. remains unchanged. B. decreases. C. increases. D. changes by the inflation rate minus one.
Answer the following statements true (T) or false (F)
1) There is a consensus among economists that the amount of resources allocated to the health care industry is optimal. 2) Some employers have reacted to rising health care costs by hiring more part-time and temporary workers. 3) About three-fourths of all health care costs are paid out of pocket by patients. 4) In 2011, some 49 million Americans did not have health insurance.
Suppose a firm has the following total cost function TC = 100 + 2q2. If price equals $20, what is the firm's output decision? What are its short-run profits?
What will be an ideal response?