The satisfaction a person receives from consuming goods and services is called
A) contentment.
B) psychic income.
C) wealth.
D) utility.
Answer: D
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Refer to Scenario 14.4. How much will the monopsonist pay each worker?
A) 0 B) 78 C) 83 D) 92 E) 100
If net taxes are cut, consumer
a. spending is not affected b. spending increases by the amount of the tax cut c. spending increases by an amount less than the full amount of the tax cut d. saving increases by the full amount of the tax cut e. spending increases by two-thirds of the amount of the tax cut and consumer saving increases by one-third of the amount of the tax cut
A monopolist maximizes profits by producing where which of the following occur?
a. MC = P b. AC = P c. MC = MR d. AC = AR
If an electric power plant does not bear the entire cost of the pollution it emits, it will
a. not emit any pollution so as to avoid the entire cost of the pollution. b. emit lower levels of pollution. c. emit an acceptable level of pollution. d. emit too much pollution.