In the resource market, firms demand resources in order to
a. maximize profit
b. maximize total revenue
c. maximize marginal revenue
d. maximize utility
e. minimize cost
A
You might also like to view...
If total utility increases from 10 to 15 for the second unit of a good consumed, the marginal utility of the second unit is 5
a. True b. False Indicate whether the statement is true or false
Scarcity is illustrated graphically by a production possibilities frontier
a. True b. False Indicate whether the statement is true or false
When two goods are perfect substitutes, the marginal rate of substitution
a. is constant along the indifference curve. b. decreases as the scarcity of one good increases. c. increases as the scarcity of one good increases. d. changes to reflect the consumer's changing preferences for the goods.
According to the following table, what is the price index for 2021 if 2019 is the base year?
a. 1.47
b. 1.75
c. 147
d. 175