To determine the total demand for all consumers, sum the quantity each consumer demands
A) at a given price.
B) at all prices and then sum this amount across all consumers.
C) Both A and B will generate the same total demand.
D) None of the above.
A
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If average labor productivity in two countries is the same, average living standards will be higher in the country with:
A. the smaller population. B. the higher share of population employed. C. the lower share of population employed. D. the larger population.
One subject of study for macroeconomics is
A. perfect competition. B. economic growth. C. monopoly. D. the shape of an individual's demand curve.
Refer to the information provided in Table 8.1 below to answer the question(s) that follow.
Table 8.1 
Refer to Table 8.1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, what production technique should this firm use to produce 2 units of output?
A. production technique A B. production technique B C. The firm is indifferent between production technique A and production technique B. D. It is impossible to determine if the firm should select production technique A or B because total fixed costs are not given.
Refer to the information provided in Table 14.5 below to answer the question that follows. Table 14.5B's Strategy ?AdvertiseDon't Advertise??A's profit $200 millionA's profit $400 million?AdvertiseB's profit $200 millionB's profit $100 millionA's Strategy????Don'tA's profit $100 millionA's profit $150 million?AdvertiseB's profit $400 millionB's profit $150 millionRefer to Table 14.5. If both firms follow a maximin strategy, the equilibrium in the game is
A. (Advertise, Don't Advertise). B. (Advertise, Advertise). C. (Don't Advertise, Don't Advertise). D. (Don't Advertise, Advertise).