If MUx/Px > MUy/Pyx, the consumer can increase utility by buying more of good x
a. True
b. False
A
You might also like to view...
If aggregate demand decreases and neither short-run nor long-run aggregate supply changes, then
A) the price level increases in the short-run and decreases in the long run. B) there is an inflationary gap. C) there is a recessionary gap. D) in the long run, the long-run aggregate supply will decrease.
Which of the following equations best represents the concept of constant returns to scale?
A) 3Y = AF(3K, 3L) B) 2Y = 2AF(2K,2 L) C) 1/4Y = (AF / 4 )(4K, 4L) D) 5Y = [AF(K, L)] / 5
Some time ago an executive of a Broadcasting company argued before a congressional committee that they should make a law rating TV shows for violence content. He said that children are damaged and violence must be curbed. He indicated that his own network shows too much violence and that he would welcome a law himself so that Turner Broadcasting would show less violence. Explain why someone who shows violence on his TV channels is arguing for government regulation of himself.
What will be an ideal response?
In the above table, if the marginal revenue product is $18, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A. 3; $18 B. 5; $18 C. 4; $16 D. 3; $14