The most a consumer is willing to pay for a product is equivalent to the product's ______.
Fill in the blank(s) with the appropriate word(s)
Answer: Total perceived consumer benefits
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A firm has successfully adopted a positive technological change when
A) it can produce more output using the same inputs. B) it sees an increase in worker productivity. C) it produces less pollution in its production process. D) it can pay its workers less yet increase its output.
In the cartel model
a. firms believe that price increases result in a very elastic demand, while price decreases result in an inelastic demand for their products. b. each firm acts as a price taker. c. one dominant firm takes the reactions of all other firms into account in its output and pricing decisions. d. firms coordinate their decisions to act as a multiplant monopoly.
Suppose everyone in a town votes that they prefer improved public transportation systems instead of public parks, then according to the criteria of ________________, that preference should not change even if a third option, like a public zoo, is included.
A. Transitivity B. No dictator C. Unanimity D. Independence of irrelevant alternatives
Which person is most likely to be poor? A person who is
A. over 65 years of age. B. black. C. white and under 6 years of age. D. living in a female-heading family with children under 18.