Disposable income:
What will be an ideal response?
income remaining for consumption or saving after subtracting taxes and adding transfer payments chapter 10 page 232
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Free riding often results than less than the optimal quantity of a good being produced
Indicate whether the statement is true or false
The total utility you get from eating slices of pizza on a given night is the
A) marginal utility of the last slice times the total number of slices eaten. B) sum of the differences in marginal utility as you increase the number of slices eaten. C) sum of the marginal utilities of all slices eaten. D) sum of the marginal utilities per dollar spent on all slices eaten.
In the long run, a perfectly competitive firm can
A) only make an economic profit. B) only make zero economic profit. C) only incur an economic loss. D) make an economic profit, make zero economic profit, or incur an economic loss.
A hyperinflation is
A) a period of extreme inflation generally greater than 50% per month. B) a period of anxiety caused by rising prices. C) an increase in output caused by higher prices. D) impossible today because of tighter regulations.