Consumers tend to maximize:
a. marginal utility.
b. marginal utility per dollar.
c. total utility.
d. money holdings.
e. consumer surplus.
c
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The figure above shows the production possibilities frontier for a country. A combination of 3 million gallons of milk and 3 million gallons of ice cream is
A) unattainable and production efficient. B) unattainable. C) attainable and production inefficient. D) attainable and production efficient. E) More information is needed to determine if the point is attainable or not.
The major dilemma facing Boeing and Airbus is the
A) fact that neither will respond to the behavior of the other. B) certainty surrounding the reaction of each firm to the behavior of the other firm. C) fact that if each firm separately tries to maximize its profit, it might wind up with less profit that otherwise. D) competition from other firms that drives their economic profit to zero. E) fact that when they collude to maximize their profit, the other firm's profit might be larger than its profit.
Temporary, short-term discount loans to banks in areas in which agriculture and tourism are important are known as
A) primary credit. B) secondary credit. C) seasonal credit. D) repo loans.
Even though non-union workers maybe just as skilled as union workers, wages are almost 15 percent higher in union jobs. Why?