When consumers maximize utility, they are equating the ratio of total utility to price across all goods consumed.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will
A. increase the revenues of domestic producers by areas E + F + G + H + J. B. increase the revenues of domestic producers by areas E + F + K. C. lower domestic price and increase domestic consumption. D. increase the revenues of domestic producers by areas G + H.
The demand for food is most elastic in countries
A) with low income levels. B) with intermediate income levels. C) with high income levels. D) that are highly urbanized.
What are instantaneously consumed as they are being produced?
a. gifts b. services c. intermediate goods d. durable goods e. basic goods
Other things the same, when the interest rate rises
a. people would want to lend more, making the supply of loanable funds increase. b. people would want to lend less, making the supply of loanable funds decrease. c. people would want to lend more, making the quantity of loanable funds supplied increase. d. people would want to lend less, making the quantity of loanable funds supplied decrease.