The goal of the consumer is to
a. maximize utility.
b. be on the highest indifference curve.
c. maximize satisfaction.
d. All of the above are the goals of the consumer.
d
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Suppose we observe a substantial increase in the price of a good, and, at the same time, an increase in the quantity of the good demanded. What can we conclude?
A) The law of supply is untrue. B) Consumers haven't followed the law of demand. C) The demand curve has shifted to the right. D) The good is a luxury good.
Between Independence and the Civil War, American population growth was
(a) steady and constant. (b) rapid but wildly unstable. (c) positive and rapid. (d) heavily concentrated in the settlement in Western lands.
In a perfectly competitive market, a firm in long-run equilibrium will be operating
A) to the right of the minimum of the long-run average cost curve. B) to the left of the minimum of the long-run average cost curve. C) at the minimum of the long-run average cost curve. D) at the minimum of the marginal cost curve.
A service like CARFAX, which provides a used car buyer with the complete history of a used car, is profitable because of the problem of moral hazard
a. True b. False