On a graph, consumer surplus is the area above the equilibrium price and below the demand curve.
Answer the following statement true (T) or false (F)
True
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By the year 2025 the percentage of elderly in the U.S. should constitute nearly 10% of the population
Indicate whether the statement is true or false
The creation of the European Union is an example of Hayek's:
a. Human action b. Human design c. Spontaneous disorder d. None of the above
In microeconomic term, the ability of a good or a service to satisfy wants is called:
A. opportunity cost. B. utility. C. profit potential. D. utility maximization.
Answer the following statement(s) true (T) or false (F)
1. The law of demand and the law of diminishing marginal utility are related. 2. Most economists find it acceptable to make utility comparisons between different people. 3. The income effect occurs when people value their personal property above the property of others. 4. The law of diminishing marginal utility explains why price and quantity demanded have a negative relationship. 5. Economists measure utility in utils.