The marginal seller is the seller who
a. cannot compete with the other sellers in the market.
b. would leave the market first if the price were any lower.
c. can produce at the lowest cost.
d. has the largest producer surplus.
b
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Suppose consumers decrease their consumption expenditure because they worry about what their income will be in the future. There is
A) a rightward shift of the aggregate demand curve. B) an upward movement along the aggregate demand curve. C) a downward movement along the aggregate demand curve. D) a leftward shift of the aggregate demand curve.
The indifference curves in the figure above (I1, I2, and I3 ) reflect Peter's consumption preferences. Which of the following combinations of goods does Peter prefer the most?
A) 48 slices of pizza and 12 chocolate bars B) 24 slices of pizza and 24 chocolate bars C) 40 slices of pizza and 20 chocolate bars D) 32 slices of pizza and 8 chocolate bars
Producers in perfect competition receive a smaller producer surplus than a monopoly producer
Indicate whether the statement is true or false
Political freedom seems to be ________ important to growth than economic freedom
A) less B) more C) equally D) critically