Microeconomics is the study of
a. marginal or inferior products
b. the economic behavior of individual decision makers
c. the behavior of the economy as a whole
d. how to use the fewest natural resources to produce goods and services
e. government's role as a producer in the economy
B
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Both a perfectly competitive firm and a monopolist find that:
A. price is less than marginal revenue. B. it is best to expand production until the benefit and the cost of the last unit produced are equal. C. they can sell as many units of output as they want at the market price. D. price and marginal revenue are the same.
Compared to a country with an MPS of 0.05, a country with an MPS of 0.2 would have to change government expenditures by ________ as much to have the same impact on real GDP.
A. twice B. three times C. four times D. five times
Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship between the standard of living and real GDP per person. Give examples of things that can affect one, but not the other
What will be an ideal response?
A price ceiling in the market for fuel oil that is below the equilibrium price will
A) lead to the quantity supplied of fuel oil exceeding the quantity demanded. B) lead to the quantity demanded of fuel oil exceeding the quantity supplied. C) decrease the demand for fuel oil. D) increase the supply of fuel oil. E) have no effect in the market for fuel oil.