In the circular flow, savings specifically represents
a. households’ cash hoards.
b. households’ bank savings account.
c. households’ total accumulated dollars.
d. total income minus consumption spending.
d. total income minus consumption spending.
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Personal consumption expenditures include all of the following EXCEPT spending on
A) consumer durable goods. B) consumer nondurable goods. C) consumer services. D) new housing.
In ____ price discrimination, the monopolist charges each consumer the highest price that purchaser is willing to pay for each unit purchased (provided that this price exceeds the marginal cost of production)
a. first-degree b. second-degree c. third-degree d. a and b e. none of the above
The supply curve for a monopoly is given by:
a. the firm's marginal cost curve above the average variable cost curve. b. the one point on the demand curve that corresponds to the quantity for which price is equal to MC. c. the one point on the demand curve that corresponds to the quantity for which MR equals MC. d. the entire demand curve above the point where price is equal to average cost.
Which of the following is most likely to shift the demand curve for electricity to the left?
a. consumers becoming more energy conscious. b. an increase in income. c. a decrease in the price of electricity. d. an increase in the price of natural gas, a substitute source of energy.