The study of how the allocation of resources affects economic well-being is called
a. consumer economics.
b. macroeconomics.
c. willingness-to-pay economics.
d. welfare economics.
d
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In the above table, the marginal revenue from the fourth unit of output is
A) $30. B) $147. C) $150. D) $180.
Suppose MRS does not equal MRT for all consumers. In this case, the economic outcome is not fully efficient because:
A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above
The only way to stop the growth of the national debt is to eliminate the budget deficits that create debt.
Answer the following statement true (T) or false (F)
Which of the following may transform an industry from oligopoly to monopolistic competition?
A. Acquisition B. Exit C. Entry D. Takeover