For consumers, most market activity can be explained by the goal of:
A.) Charitable responsibility.
B.) Maximizing income.
C.) Profit maximization.
D.) Maximizing happiness.
D.) Maximizing happiness.
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What are the likely consequences of providing monetary incentives to politicians for good performance?
What will be an ideal response?
If the marginal utility of a gallon of milk to consumers is $2.50 and the MC of producing the gallon of milk is $1.50, then
A. the value of the resources used up in producing one more gallon of milk would be $1 less than the money value of the additional gallon to consumers. B. society could be made better off by expanding the output of milk. C. resources are not being used most efficiently. D. All of the above are true.
Inflation can be thought of as:
A. an increase in the price of money. B. a decrease in the price of money. C. no change in the price of money, just in the demand for money. D. no change in the price of money, just in the supply of money.
If the supply of aisle seats and middle seats on an airplane is the same, but the demand for aisle seats is greater than the demand for middle seats, then the equilibrium price of aisle seats will be less than the equilibrium price of middle seats
Indicate whether the statement is true or false