Tom's marginal utility of Mountain Dew exceeds his marginal utility of crackers at his consumer equilibrium. Therefore, his consumer surplus from Mountain Dew must exceed his consumer surplus from crackers
Indicate whether the statement is true or false
FALSE
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During times of high unemployment, colleges often observe an increase in enrollment even if tuition remains unchanged. Why?
A. The opportunity cost of attending college is higher when unemployment is high. B. The benefit of attending college is lower because college graduates are less likely to find jobs. C. The opportunity cost of attending college is lower when unemployment is high. D. Students go to college even when the net benefit is negative.
Whenever a firm can charge a price greater than marginal cost
A) the firm must be a monopolist. B) consumers have the ability to choose a close substitute. C) there is some loss of economic efficiency. D) the firm will earn economic profits.
In the year 2010, the richest fifth of the American population earned close to:
a. 50% of the total income. b. 20% of the total income. c. 30% of the total income. d. 80% of the total income.
In 2013, the percentage of health care expenditures paid out-of-pocket was
A. 6.9. B. 8.3. C. 12. D. 1.5.