The assumption of completeness means that
A) the consumer can rank all possible consumption bundles.
B) more of a good is always better.
C) the consumer can rank all affordable consumption bundles.
D) all preferences conditions are met.
A
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Assume the production of a particular good is characterized by significant economies of scale. In addition, three different versions of the good can be produced, and large segments of the population prefer different versions of the good
In this case, the preferred market structure for this good would be: A) perfect competition. B) monopoly. C) monopolistic competition. D) oligopoly.
A problem with using the price of a product similar to the intermediate good sold on the market is
a. the market price includes a margin above marginal cost b. the product on the market may include costly features your downstream division does not use c. the product on the market may be cheap because it is not as high of quality as your downstream division uses d. all of the above
According to supply-side economists,
A. high tax rates discourage productive market exchanges because it pays for you to work less at your regular job and more at household tasks. B. high marginal tax rates encourage additional work to make up for the lost income due to the high taxes. C. people are rarely confronted with work-leisure decisions. D. when operating at the upper portion of the Laffer curve, tax cuts result in tax revenue decreases.
If a goldsmith has 200 gold coins in his safe and there are 400 receipts in circulation, how much is his reserve ratio?
Fill in the blank(s) with the appropriate word(s).