The argument most often used in favor of redistribution is that a society as wealthy as the United States has a moral obligation to provide all its members with the basic necessities of life.
Answer the following statement true (T) or false (F)
True
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Brian consumes only pizza and soda. When the price of a soda is $2 and the price of a slice of pizza is $4, Brian maximizes his utility by buying 5 sodas and 10 slices of pizza
If the marginal utility of the 5th soda is 100, then the marginal utility from the 10th slice of pizza must be ________. A) 200 B) 100 C) 50 D) More information is needed to determine the marginal utility of the 10th slice of pizza.
All shredded wheat producers have decided to add a new ingredient to shredded wheat, the "crunch enhancer." Crunch enhancer keeps cereals crisper longer in milk and, as a result, consumers decide they like shredded wheat more than before
What happens to the supply and demand curves for shredded wheat now that is costs more to produce and consumers like it better? A) The supply and demand curves both shift rightward. B) The supply curve shifts rightward and the demand curve doesn't shift. C) The supply curve shifts leftward and the demand curve shifts rightward. D) The supply curve shifts leftward and the demand curve doesn't shift.
If the elasticity of supply of a good is zero, then its
A) supply curve is vertical. B) supply curve is horizontal. C) demand curve must be vertical. D) supply curve is positively sloped.
Often economists measure the loss in consumer surplus by looking at the changing area below the Marshallian demand curve. This approach will provide a more accurate measure of the compensating variation of such a price increase if: a. the good occupies a small portion of a person's budget
b. the good occupies a large portion of a person's budget. c. the good has many close substitutes. d. the good has few substitutes.