To maximize her utility, Pat should spend all of her money and buy goods in a way that
A) the marginal utility of the last unit of each good is the same.
B) the marginal utility per dollar from each good is the same.
C) her total expenditure on each good is the same.
D) her price elasticity of demand for each good is the same.
B
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Offer a defense of economic growth
Please provide the best answer for the statement.
Though Nash games are noncooperative, a cooperative outcome is more likely if
A. the long-run gains are smaller than the short-run gains. B. firms expect the market relationship to last only for a short time. C. the long-run gains are greater than the short-run gains. D. firms can easily monitor the outcomes from rivals' defection.
In New York City, about 1 million apartments are subject to rent control by the local government. Rent control
A) puts a legal limit on the rent that landlords can charge for an apartment. B) is a government policy which limits apartment rental to those people whose incomes are less than $50,000 per year. C) is a price floor which sets a minimum rent for apartments. D) only applies to those apartments which are owned and rented out by the local government.
Isoquant lines represent ________ whereas isocost lines represent ________
A) technical efficiency; economic efficiency B) economic efficiency; technical efficiency C) economic efficiency; marginal costs D) input tradeoffs; economic tradeoffs