Refer to the table below. Suppose that the consumer's income increased from $20 to $30. What would be the utility-maximizing combination of products X and Y?
Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4 and the price of product Y is $2. The income of the consumer is $20.
A. 3X and 3Y
B. 4X and 4Y
C. 5X and 4Y
D. 5X and 5Y
D. 5X and 5Y
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When a firm or economy is operating efficiently, it is operating
A. outside its production possibilities frontier. B. inside its production possibilities frontier. C. on its production possibilities frontier. D. at the intersection of the production possibilities frontier and the vertical axis. E. at the intersection of the production possibilities frontier and the horizontal axis.
How many people does it take to make an ordinary no. 2 pencil?
A) One person B) Between one and five people C) Less than one hundred people D) Millions of people
When will new firms enter a perfectly competitive market? When does entry stop?
What will be an ideal response?
Susan thinks the only fair outcome is one in which she has three slices of pizza a week. Susan is using a(n) ________ concept of fairness
A) "it's not fair if the result isn't fair" B) "it's not fair if the rules aren't fair" C) "big tradeoff" D) "Novak principle"