In the resource market
A. businesses sell services to households.
B. businesses borrow financial capital from households.
C. households buy resources from businesses.
D. households sell resources to businesses.
Answer: D
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If the price of gasoline increases significantly, then we'd expect the demand curve for large trucks and SUVs to
A. become upward-sloping. B. shift to the left. C. not shift, but there will be a movement along that demand curve. D. shift to the right.
Some charge that third-degree price discrimination is unfair or that it reduces social welfare. Why does charging one group a lower price hurt anyone?
What will be an ideal response?
In this graph, at point e1, output level is ______.
a. above the potential
b. below the potential
c. at the potential
d. not shown
Mariko has carefully balanced her clothing spending so that she buys more of the goods that give her the most satisfaction and fewer of the goods that give less satisfaction. She has done this so successfully that she feels certain the next dollar she spends on clothing will give her the exact same amount of satisfaction no matter what she buys. Mariko is at the point of ______.
a. consumer equilibrium b. diminishing marginal utility c. the substitution effect d. total utility