Which statement is true?
A. If you know a person's demand schedule, you can find his total utility, but not his marginal utility.
B. If a good is free, you will consume more and more of it until your marginal utility is zero.
C. If a good is free, you will consume more and more of it until your total utility is zero.
D. If you know a person's demand schedule you can find her marginal utility, but not her total utility.
B. If a good is free, you will consume more and more of it until your marginal utility is zero.
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In a first-price sealed-bid auction, the ________ bidder wins the good being auctioned
A) lowest B) second-highest C) highest D) first
Which of the following statements about equilibrium is true?
a. The positive and the normative attributes of equilibrium are similar. b. The equilibrium price fails to redistribute goods in accordance to individual valuations. c. Equilibrium refers to a state of complete happiness or fairness. d. In equilibrium there are neither surpluses nor shortages.
You write a check to your landlord to pay the rent on your apartment. To your landlord, your check represents a. a claim to goods and services in the future. b. a good with intrinsic value
c. a double coincidence of wants. d. a good with immediate value.
The aggregate demand curve has
A. a positive relationship between the price level and real GDP. B. a negative relationship between the price level and real GDP. C. no relationship between the price level and real GDP. D. a positive relationship between the price level and nominal GDP.