Economist Douglass North's definition of institutions:
A. is the rules of the game in a society.
B. is the humanly devised constraints that shape human interactions.
C. includes laws enforced by the government as well as cultural norms.
D. All of these statements are true.
D. All of these statements are true.
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A consumer has $50 to spend. He has to decide between buying two goods: magazines priced at $5 each and DVDs priced at $10 each. Which of the following combinations of the two goods will exactly satisfy his budget constraint?
A) 3 magazines and 4 DVDs B) 2 magazines and 4 DVDs C) 6 magazines and 1 DVD D) 2 magazines and 2 DVDs
Barriers to entry are
a. not too difficult to overcome in a monopoly market structure b. very high in a perfectly competitive market structure c. nonexistent in an oligopoly market structure d. not too difficult to overcome in a monopolistically competitive industry structure e. nonexistent in a monopoly market structure
Rodolfo gets 1 util from regular potato chips, 4 utils from salt-and-vinegar chips, and 6 utils from barbeque-flavored chips. If regular potato chips cost $3.00, which of the following pricing structures represents consumer equilibrium?
a. salt-and-vinegar: $3.00; barbeque: $3.00 b. salt-and-vinegar: $4.00; barbeque: $6.00 c. salt-and-vinegar: $6.00; barbeque: $8.00 d. salt-and-vinegar: $12.00; barbeque: $18.00
What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing, decreasing, or constant?
What will be an ideal response?