Refer to the above figure. Which point represents the highest level of utility?
A. Point A
B. Point B
C. Point C
D. Point D
Answer: D
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Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.
If nominal wealth increases faster than real wealth:
A. real wealth must eventually decline. B. society is better off than if nominal wealth growth had matched real wealth growth. C. real wealth will eventually rise faster in order to catch up. D. asset inflation has occurred.
For a perfectly or purely competitive firm, profit maximization occurs at an output level where
A. P = MC. B. P = AVC. C. P < AVC. D. MC = ATC.
Of the administrative costs for the SNAP program,
A. states bear 50 percent of the costs. B. 100 percent are paid out of federal tax revenues. C. federal, state, and local governments split the costs evenly. D. states pay 100 percent.