Polly's total utility for 3 scented candles would be
Table: Demand and Utility Schedules for packs of scented candles
A. $8.
B. $14.
C. $15.
D. $21.
D. $21.
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Are markets always in equilibrium?
a. Yes, they are always at the equilibrium point, or very close to it. b. Yes, because few things tend to alter supply and demand. c. No, but if there is no interference, they tend to move toward equilibrium. d. No, they never "settle down" into a stable price and quantity. e. Uncertain, economic theory has no answer to this question.
Which of the following events would allow the production possibilities curve to shift outward?
A. People begin to retire at earlier ages. B. Technology is lost. C. The economy's capital stock declines. D. More teenagers enter the labor force.
Other things equal, a decrease in the real interest rate will:
A. shift the investment demand curve to the right. B. shift the investment demand curve to the left. C. move the economy upward along its existing investment demand curve. D. move the economy downward along its existing investment demand curve.
How does the demand curve facing a monopoly firm compare with the demand curve facing a perfectly competitive firm?
What will be an ideal response?