Goods are distributed efficiently if everyone gets an equal share of each good.
Answer the following statement true (T) or false (F)
False
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If the commercial is TRUE that every additional bite of food tastes as good as the first, the marginal utility from consuming more of the advertised product must be
A) increasing. B) decreasing. C) constant. D) zero.
Movement of the fast-growing Asian nations through the demographic transition may have had an impact on growth rates because it
A) reduced expenditures on health care. B) reduced expenditures on pensions. C) increased savings. D) increased consumption relative to GDP.
Which of the following is NOT true for a perfectly competitive firm in the long run?
A) MR = MC B) MC > LAC C) Price = MC D) SAC = LAC
Exhibit 7-15 Short-run cost curves for E-Z Care lawn mowing company
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In Exhibit 7-15, suppose the market price of mowing lawns falls to $10 per lawn. In this situation, E-Z-Care will:
A. permanently exit the industry. B. shut down its operations, at least in the short run. C. continue to mow lawns in the short run despite its economic losses. D. earn a normal profit.