The richest 20 percent of the families in the United States receive approximately ________ percent of total income.
A. 20
B. 10
C. 50
D. 90
Answer: C
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The representative consumer acts competitively
A) when he or she can haggle for a lower price. B) when he or she is a price-taker. C) when he or she is a price-maker. D) if the consumer is large relative to the size of the market.
Interest rates are determined by the supply and demand for
A) money. B) capital goods. C) loanable funds. D) foreign currencies. E) stocks.
“As long as total revenue slopes up, marginal revenue must slope up also.” Explain whether this statement is true or false.
What will be an ideal response?
Jim is haggling with a car dealer on the price of a used car. During the bargaining, Jim discovers that the car has a significant number of scratches which he had not noticed before. The total surplus from the sale has
a. Increased b. Decreased c. Was not affected d. All of the above