Refer to the inequality below. The marginal utility per dollar spent on good X is less than the marginal utility per dollar spent on good Y. According to the rule of equal marginal utility per dollar spent, what can a consumer do to increase total utility from consumption of goods X and Y?
increase the consumption of good Y
Economics
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The following equations represent the demand and supply for bird feeders
QD = 35 - P QS = -5 + 3P What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders? A) P = $35; Q = 20 thousand B) P = $5; Q = 30 thousand C) P = $10; Q = 25 thousand D) P = $20; Q = 20 thousand
Economics
If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers
a. True b. False Indicate whether the statement is true or false
Economics
What is a four-firm concentration ratio, and how is it used?
What will be an ideal response?
Economics
If the price of a typical good rises, the quantity demanded for that good will
A. automatically decrease to zero. B. increase. C. decrease. D. remain the same.
Economics