Maximizing the utility of the person with the minimum utility is known as
A. the minimax criterion.
B. the maximin criterion.
C. the Hicks-Kaldor criterion.
D. the Corlett-Hague Rule.
B. the maximin criterion.
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Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
What is the lowest price at which the firm will start producing output in the short run?
A. $0.90 B. $1.05 C. $0.60 D. $1.25
Inflation is measured by examining the percent increase in the ________ from one year to the next.
A. CPI B. price of gas C. GDP growth D. nominal GDP
How do adverse selection and moral hazard affect the market for insurance?
What will be an ideal response?
When monopolistically competitive firms earn ________ economic profits, other firms ________ an industry in the long run.
A. positive; enter B. zero; exit C. negative; enter D. zero; enter