The goal of a rational consumer is to maximize:
A. The quantities of all goods consumed
B. The MU/P of all goods consumed
C. Marginal utility of all goods consumed
D. Total utility from all goods consumed
D. Total utility from all goods consumed
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Based on the table demonstrating three tax systems, under which system(s) would a high earner pay an amount of tax closest to that paid by a low earner?
a. progressive
b. proportional
c. regressive
d. both proportional and progressive
Figure 2-7 Refer to Figure 2-7. What is the opportunity cost of moving from point L to point M?
a. 20 engines b. 20 engines and 15 tvs c. 15 tvs d. zero
Low quality is essentially the same as
A) low price. B) efficient production. C) high price. D) low price elasticity.
Firms try to capture consumer surplus by
A) repeat Nash equilibrium games. B) finding markets with many competitors. C) exploiting suppliers. D) personalized pricing.