Define a contract
A contract is an enforceable set of promises to take certain actions over the future.
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A consumer has maximized his or her utility by consuming
A) at the midpoint of the budget constraint line. B) at the midpoint of the demand curve. C) so that the total utility of all goods consumed is the same. D) so that the ratio of marginal utility to price is the same for all goods consumed.
The structural deficit does not depend on the state of the economy.
Answer the following statement true (T) or false (F)
Concentration may not be a problem if
A. there are economies of scale. B. there are economies of scope. C. the firm does not exercise its market power. D. all of the above.
Describe some of the ways in which firms differentiate their products.
What will be an ideal response?