Lattes at Starbucks are allocated to individuals in society through what type of method?
A) lottery
B) contest
C) sharing equally
D) market price
E) personal characteristics
D
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How do nonprice-level factors that change total spending in an economy affect the aggregate demand curve?
a. The entire curve shifts leftward or rightward. b. There is movement along the curve. c. The curve becomes perfectly vertical. d. The entire curve develops an upward slope.
If a consumer is choosing the bundle of goods that maximizes utility subject to a budget constraint, then
A. the rate at which income affects the utility-maximizing choice is equal for all goods. B. the ratio of marginal utility to price is equal for all goods. C. the rate at which the consumer is willing to substitute between goods is equal to the market rate of exchange. D. both b and c E. all of the above
To calculate market supply, we
A. Find the difference between the quantity supplied and the quantity demanded at each price. B. Add the quantities supplied for each individual supply schedule horizontally. C. Add the quantities supplied for each individual supply schedule vertically. D. Find the average quantity supplied at each price.
A perfectly competitive firm breaks even at the level of output where
A. P = ATC. B. P = MC. C. P > ATC. D. P < ATC.