Marginal utility is measured by the maximum amount of money a consumer is willing to pay for one more unit of a commodity.
Answer the following statement true (T) or false (F)
True
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If a tax increase of $8 billion caused real GDP to decline by $32 billion, then the economy's MPC is
A. 0.5. B. 0.9. C. 0.6. D. 0.8.
In the financial crisis in 2008, the Federal government created the ________, to purchase financial assets that were thought to be temporarily undervalued, preventing further financial panic
A) Federal Home Loan Board. B) Troubled Asset Relief Program. C) Federal Deposit Insurance Corporation. D) Bank Insurance Fund.
Craig quit a job earning $12,00 . per year to open his own lawn-care service. Yesterday, he was offered a job earning $20,00 . per year at Home Depot, but he turned it down to continue running his lawn-care service. Assuming that his total revenue (= P
× Q) has not changed, (a) explain the impact of this job offer on Craig's economic profit, and (b) explain the impact of this job offer on his normal profit.
Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, the firm will not produce in the short-run if the price is below:
A. OA. B. OB. C. OC. D. OD.