A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 3rd movie?
A. $1
B. $8
C. $4
D. $2
D. $2
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The long-term trend in the United States is for markets to become more oligopolistic over time
Indicate whether the statement is true or false
During an economic contraction, automatic stabilizers:
A. increase both budget surpluses and deficits. B. reduce a budget surplus or increase a deficit. C. reduce both budget surpluses and deficits. D. reduce a budget deficit or increase a surplus.
A major critic of Americans very high consumer spending has been
A. John Maynard Keynes. B. Karl Marx. C. Milton Friedman. D. Murray Weidenbaum.
If a perfectly competitive firm has economic profits greater than zero, then we know that
A. the firm is producing at the bottom of the average total cost curve. B. the firm's industry is not in long-run equilibrium. C. the firm's industry is in long-run equilibrium. D. the firm will reduce output.