Consumer equilibrium occurs where the budget line is ____ to the ____ possible indifference curve.
A. tangent; highest
B. equal; lowest
C. marginal; maximum
D. differential; highest
Answer: A
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Which of the following combinations of points are both efficient and attainable for this economy?
a. G, H
b. J, K
c. F, I, L
d. F, G, H, I, L
Suppose the Fed wants to fix the U.S. dollar/Mexican peso rate at 11 pesos per dollar under a fixed exchange rate policy. If the exchange rate falls to 10 pesos per dollar, the Fed can
A) buy dollars. B) sell dollars. C) attempt to freeze all sales of dollars. D) any of the above actions could take place.
Based on the production data for Pat's Pizza Parlor in the above table, the average product of labor when 4 workers are hired is ________ pizzas
A) 8 B) 10 C) 11.25 D) 45
A monopolist will maximize profits by producing a quantity specified by setting marginal revenue equal to marginal cost.
Answer the following statement true (T) or false (F)