Marginal utility of beer is the change in utility when production of beer changes.
Answer the following statement true (T) or false (F)
False
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Refer to the figure above. What is the deadweight loss when the market is perfectly competitive?
A) $0 B) $30 C) $45 D) $90
The equation of exchange specifies that
A) MsV = PY. B) velocity and money supply are directly related. C) MsP = VY. D) Ms = PVY.
As a generalization, it can be said that
a. aggregate demand shifts to the right every year, but aggregate supply rarely does. b. aggregate supply shifts to the right every year, but aggregate demand rarely does. c. both aggregate demand and aggregate supply shift to the right each year. d. neither aggregate demand nor aggregate supply curve shifts to the right each year.
Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. What was the total revenue for Chip's Chips?
A. Cannot answer this question without knowing the quantity of bags sold. B. Cannot answer this question without knowing the cost per bag. C. Cannot answer this question without knowing the cost per bag and the quantity of bags sold. D. Cannot answer this question without knowing what market share they hold.