Using the above table, what is the total utility of the third piece of pizza?
A. 25 utils
B. -25 utils
C. 0 utils
D. 75 utils
Answer: D
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Are sellers always able to produce a surplus of the goods they sell?
A) No, because almost all goods are scarce. B) Only if they can increase supply faster than demand increases C) Only if they can prevent new uses for the good from being developed. D) Yes, if they insist upon receiving a sufficiently high price that is above the market clearing level.
In 1938, another Agricultural Adjustment Act was passed. The error of the 1933 Act was now avoided. What had that error been?
(a) Acreage allotments (b) Combining provisions for conservation with subsidies (c) Imposition of specific taxes on food processors (d) Excessive delegation of power
Under a tying contract,
a. the price a buyer must pay for a good is tied to the size of his purchase. b. a customer agrees as a condition of buying a good to purchase one or more additional goods from the same seller. c. a firm agrees to allow members of its competitors' boards of directors to sit on its board. d. a firm agrees to pay an intermediary for having arranged a business deal for the firm.
The burden that results from a tax on yachts falls more heavily on the buyers of yachts than on the sellers of yachts
a. True b. False Indicate whether the statement is true or false