Figure 5-9
In Figure 5-9, the consumer's marginal rate of substitution at his optimum choice of X and Y is
a.
?1.
b.
16.
c.
8.
d.
?8.
a
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Assume that the market for soybeans is perfectly competitive. Currently, firms growing soybeans are experiencing economic profits. In the long run, we can expect
A. new firms to enter, causing the market price of soybeans to increase. B. some firms to exit, causing the market price of soybeans to increase. C. some firms to exit, causing the market price of soybeans to decrease. D. new firms to enter, causing the market price of soybeans to decrease.
An oligopolist does not spend money on advertising because consumers are rational in an oligopolistic market
a. True b. False Indicate whether the statement is true or false
Handicap access to buildings is becoming very expensive for many operators of public buildings. Are the laws mandating such alterations based on social efficiency or some other criteria?
What will be an ideal response?
Reserves held beyond the required amount are called __________ reserves
A) redundant B) precautionary C) excess D) surplus