Assume that hamburgers cost $2 and milkshakes cost $1. If MUH/PH of the sixth hamburger equals MUM/PM of the sixth milkshake and the marginal utility from the sixth milkshake is 2, what is the marginal utility of the sixth hamburger?
a. 1
b. 2
c. 4
d. 6
c. 4
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Since firms outside an industry cannot have an incentive to enter the industry in equilibrium, firms inside a monopolistically competitive equilibrium must be making zero profit.
Answer the following statement true (T) or false (F)
Which of the following statements is true about bonds?
A) Buyers of newly issued bonds are borrowers. B) When the government and large corporations want to borrow money they buy bonds. C) A bond owner must hold a bond until it matures. D) The interest rate on a bond is inversely related to its price.
Humans do a ________ job imagining the strength of future gut feelings, and do a ________ job imagining the gut-feeling benefits of future consumption.
A. good; good B. good; poor C. poor; good D. poor; poor
If the four-firm concentration ratio for an industry is 84 percent, then
A) each of the firms account for 21 percent of total sales. B) the four largest firms in the industry account for 16 percent of the total sales. C) the four largest firms in the industry account for 84 percent of the total sales. D) the remaining firms in the industry accounts for 84 percent of the total sales.