A budget constraint:
A. shows a constant dollar amount spent on different combinations of goods, and each bundle brings the same utility.
B. shows a constant dollar amount spent on different combinations of goods, and each bundle brings a different amount of utility.
C. shows a constant amount of utility gained by consuming different combinations of goods, and each bundle costs the same.
D. None of these is true.
B. shows a constant dollar amount spent on different combinations of goods, and each bundle brings a different amount of utility.
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A firm in ________ will engage in ________ to try to earn an economic profit
A) perfect competition; advertising B) monopolistic competition; product differentiation C) perfect competition; price wars D) monopolistic competition; price wars
Is the distribution of income across different countries in the world equitable? In other words, do all countries share the world's wealth equally?
What will be an ideal response?
Asymptotic distribution theory is
A) not practically relevant, because we never have an infinite number of observations. B) only of theoretical interest. C) of interest because it tells you what the distribution approximately looks like in small samples. D) the distribution of statistics when the sample size is very large.
Understanding economics would be helpful to which of the following individuals?
a. a college student planning her next semester courses b. a fashion designer selecting fabric for a new spring collection c. a restaurant owner deciding whether to expand his establishment's hours of operation d. All of the above