One problem with the utilitarian principle is that it ignores
A) increasing marginal costs.
B) decreasing marginal benefits.
C) the costs of making income transfers.
D) poor people.
C
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If resources are used efficiently, then ________
A) marginal social cost is minimized B) consumer surplus plus producer surplus is maximized C) consumer surplus equals producer surplus D) producer surplus is maximized
A sandwich shop owner has the following information: P = MR = $4, ATC = $2, AVC = $1, MC = 4, and Q = 500 . From this, she can determine
a. her profits are not being maximized b. she has earned zero economic profits c. she has earned economic profits of $1,000 d. she has earned economic profits of $1,500 e. she should sell fewer sandwiches
A union is an employer association that bargains with workers over wages, benefits, and working conditions
a. True b. False Indicate whether the statement is true or false
An increase in energy costs will most likely cause the price level and rGDP to change in which of the following ways?
A) Increase/Increase B) Increase/Decrease C) Increase/No change D) Decrease/Increase E) Decrease/Decrease