When a buyer's willingness to pay for a good is equal to the price of the good, the
a. buyer's consumer surplus for that good is maximized.
b. buyer will buy as much of the good as the buyer's budget allows.
c. price of the good exceeds the value that the buyer places on the good.
d. buyer is indifferent between buying the good and not buying it.
d
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There are _______ family farms today than at any previous time in the United States' history.
A. more B. fewer C. about the same number of
Diminishing marginal returns occur because
a. All inputs are variable in the short-run b. All inputs are variable in the long-run c. Some inputs are fixed and some inputs are variable in the short-run d. None of the above
Perfect competition is an ideal market structure
a. True b. False Indicate whether the statement is true or false
Which of these is the most common measure of inflation used by the U.S. Bureau of Labor Statistics?
a. The Employment Cost Index b. The Consumer Price Index c. The Producer Price Index d. The GDP deflator