A util represents a unit of measurement for the
a. dollars a consumer spends on a good
b. consumer surplus earned when paying less than he/she would have been willing to spend
c. way a consumer responds to a change in price
d. happiness a person obtains from consuming a good
e. consumer surplus a person acquires when buying a good at less than market price
D
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The slope of the budget line is determined only by the prices of the commodities purchased
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Table 23.3 below to answer the question(s) that follow. Table 23.3
Refer to Table 23.3. At an aggregate income level of $300, aggregate saving would be
A. -$125. B. $100. C. $125. D. $175.
Many college bookstores give faculty a discount that students do not receive. Show with a sketch graph why this practice is most likely a profit maximizing strategy instead of a college perk given to the faculty at college expense.
What will be an ideal response?
As society approaches total pollution abatement
A) the marginal benefit to society declines. B) the marginal benefit to society increases. C) the marginal benefit to society increases, but at a decreasing rate. D) the marginal cost to society declines.