Utility is characterized as:
a. Subjective
b. Objective
c. Constant
d. None of the above characterize utility
a
You might also like to view...
Many economists criticize monopolists because they produce at output levels that are not efficient, that is to say, monopolists
a. charge too high a price b. don't innovate c. produce a large quantity of waste d. usually don't produce at their minimum ATC e. may be profit conscious but they don't realize that maximum profit means maximum efficiency
A curve that shows the wealth distribution for the United States would be:
A. above the Lorenz curve for income. B. below the Lorenz curve for income. C. above the diagonal line. D. equal to the Lorenz curve for income.
The theory of regulatory behavior that suggests that regulators must consider the demands of legislators, consumers, and members of the regulated agency is called
A) the capture theory. B) share-the-gains, share-the-pains theory. C) the natural theory. D) the creative theory.
The deadweight loss from a tax of $x per unit will be smallest in a market
a. in which demand is elastic and supply is inelastic. b. in which demand is inelastic and supply is elastic. c. in which demand is inelastic and supply is inelastic. d. None of the above are correct; we need to know the value of x in order to determine the answer.