Economists once believed utility could be measured. This school of thought, known as utilitarianism, was developed by the English philosopher
A) Jeremy Bentham.
B) Henri Leconte.
C) John Lennon.
D) Bernard Mandeville.
Answer: A
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Is demand more important than supply in determining equilibrium price and quantity in a competitive market?
Please provide the best answer for the statement.
In a monopolistically competitive market, there:
A. are many firms selling an identical product. B. is only one firm that sells many similar yet slightly different products. C. are many firms that have slight control over the price they charge for their product. D. are substantial barriers to entry.
A perfectly competitive firm is selling 300 units of output at $4 each. At this output level, total fixed cost is $100 and total variable cost is $500. The firm
A) is maximizing its profit. B) is earning a profit, but not necessarily the maximum profit. C) is experiencing an economic loss. D) should shut down.
If a consumer is spending all of his/her income in a manner where MUa / Pa is greater than MUb / Pb, then the consumer:
a. is maximizing his/her utility. b. should increase his/her purchases of B and decrease the purchases of A. c. should spend more money on both goods. d. should spend less money on both goods. e. should increase the purchases of A and decrease the purchases of B.