Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call
A) a relative price.
B) a money price.
C) an indexed price.
D) an opportunity price.
B
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Which of the following acts prohibited false advertising?
a. Sherman Act b. Clayton Act c. Federal Trade Commission Act d. Celler-Kefauver Act
According to the income effect, when the price of a good increases, consumers ______.
a. switch to another similar good b. buy less of it due to their budget constraints c. gain less utility from that good d. experience consumer equilibrium
Opening this economy to trade would benefit ________ and harm ________.
A. domestic TV producers; domestic TV consumers B. domestic TV consumers; domestic TV producers C. everyone; no one D. no one; everyone
Explain why the marginal revenue product of labor curve is the firm's short-run demand curve for labor.
What will be an ideal response?