The condition in which an individual consumer's budget is exhausted and the last dollar spent on each good yields the same marginal utility is called ________ ________
a. marginal utility
b. consumer surplus
c. consumer equilibrium
d. total utility
c
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When existing firms leave a perfectly competitive industry, ________
A) the equilibrium price decreases, while the equilibrium quantity increases B) the equilibrium price increases, while the equilibrium quantity decreases C) both the equilibrium price and quantity increase D) both the equilibrium price and quantity decrease
A measure of how much the coefficient would vary in regressions based on different samples is called:
A) standard error of the estimated coefficient. B) F-statistic. C) partial F-statistic. D) t-statistic.
If the consumer sentiment index turns down sharply over a period of several months, which of the following is most likely to occur in the near future?
a. an increase in aggregate demand and expansion in real output b. a reduction in aggregate demand and a contraction in real output c. a reduction in aggregate demand and expansion in real output d. an increase in aggregate demand and a contraction in real output
If price were set by the government at $10, there would be a price __________, that would cause a ___________ of ______ units.
A. floor; surplus; 12
B. floor; shortage; 14
C. ceiling; shortage; 12
D. ceiling; surplus; 14