Many people buy no more than one iPad because:
A. There's always a shortage of iPads
B. The MU/P of a second iPad is quite low for many people
C. The price of iPads has increased significantly
D. iPads have quickly become obsolete
B. The MU/P of a second iPad is quite low for many people
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Inflation must be high in Moscow because it is very expensive to live there
Indicate whether the statement is true or false
A checkable account
A) is a very illiquid asset. B) is one on which the holder can write checks. C) must be traded on the stock exchange. D) cannot serve as a store of value.
The George Stigler quote, "...the degree of ‘market failure' for the American economy is much smaller than the ‘political failure' arising from the imperfections of economic policies ...". illustrates the advantage of which type of public policy toward monopolies?
a. antitrust laws b. regulation c. public ownership d. "do nothing"
Stewie spends all of his income on movie rentals (R) and noodles (N). His marginal rate of substitution for rentals with noodles is given by MRSRN = 20/?R. Suppose that movies rent for $2 and noodles cost $1. Plot his income-consumption curve, his Engle curve for movie rentals and his Engel curve for noodles.
What will be an ideal response?