Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The marginal utility of the first movie rental is
A. 0.
B. 15.
C. 25.
D. 40.
Answer: B
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The exogenous variable in the monetary policy curve is ________
A) the policy parameter, ? B) the real interest rate C) the autonomous component, D) the federal funds rate E) the inflation rate
The situation described in the book as "smart for one, dumb for all" occurs when:
A. individuals make better decisions when they are part of a group than when they are alone. B. individuals act rationally, so there are no unexploited opportunities for society as a whole. C. individuals act rationally, but there are still unexploited opportunities for society as a whole. D. individuals make better decisions when they are alone than when they are part of a group.
Refer to the circular-flow model in Exhibit 1.1. If A represents product markets, and D represents firms, then the flow from A to D is _____
a. revenue. b. expenditures. c. labor, capital, and natural resources. d. goods and services. e. wages, interest, rent, and profit. check image at top
In perfect competition
A) the market demand curve and the individual's demand curve are identical. B) the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic. C) the market demand curve is perfectly elastic while demand for an individual seller's product is perfectly inelastic. D) the market demand curve is downward sloping while demand for an individual seller's product is perfectly elastic.