Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same.
B. at any of the labeled points, as all of the points represent an efficient allocation of resources.
C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced.
D. indeterminate from this information, as we don't have any information about the society's desires.
Answer: D
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The supply curve of dollars in the foreign exchange market is:
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.
Direct controls that impose equal percentage reductions in emissions on all firms in the area
A. impose the same costs on all firms. B. minimize the cost of pollution reduction. C. penalize firms that have already incurred some costs to reduce pollution. D. are the fairest way to distribute the burden
An "all you can eat" restaurant illustrates the economic principle:
a. of consumers' inability to maximize their total utility. b. that economic theory clearly breaks down under certain circumstances. c. that marginal utility is always positive. d. that consumers will stop eating when marginal utility is zero. e. that consumers will stop eating when total utility is zero.
The consumer's optimum choice is represented by
a. MUx/MUy = Px/Py. b. MUx/Px = MUy/Py. c. MRSxy = Px/Py. d. All of the above are correct.