In a perfectly competitive market, which of the following is the main factor that affects consumers' decisions on which firm to purchase a good from?
A) quality
B) customer service
C) reputation
D) price
Answer: D
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Colin spends his income of $100 per week on two goods: pizzas (which cost $8 each) and milk (which costs $1 per gallon)
At his current level of consumption, the marginal utility from the last pizza consumed is 32 and the marginal utility from the last gallon of milk is 4 . Is Colin maximizing his utility? Why or why not? If not, what should Colin do to achieve a higher level of utility?
Refer to Figure 11-7. When output level is 100, what is the total cost of production?
A) $20 B) $1,000 C) $1,200 D) $2,000
The "Classical Dichotomy" refers to:
a. a distinction between "value in use" and "value in exchange." b. separate theories of demand and supply. c. the possibility of Giffen's Paradox. d. determination of relative prices independent of the nominal price level.
Changes in business inventories are counted as part of gross private domestic investment
Indicate whether the statement is true or false