The study of how consumers and producers interact in individual markets is

a. macroeconomics
b. labor economics
c. microeconomics
d. econometrics
e. development economics


C

Economics

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Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is -.75. What is the income elasticity of demand for Tea?

A) 2.75 B) 0.36 C) -2.75 D) Unknown with the information provided

Economics

If a firm in an industry experiences very high fixed costs and constant marginal cost, it is a good candidate for a natural monopoly

Indicate whether the statement is true or false

Economics

When a firm is hiring an input such that the marginal revenue product of the input is equal to the marginal factor cost of the input, the firm

A) should be expanding output. B) is hiring too little of the input. C) is maximizing economic profit. D) is producing too much output.

Economics

Incompleteness of a contract can be considered boundedly rational if at the time the parties draft the agreement they do not know how they can best react to certain contingencies

Indicate whether the statement is true or false

Economics