When an individual's consumption of a good does not prevent others from consuming the same good, then that good is classified as _____
a. excludable
b. rival
c. non-excludable
d. non-rival
d
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Suppose the price of a soda is $2 each, the price of a hot dog is $3 each and the budget is $20. If the marginal utility of the fourth soda is 100 and the marginal utility of the fourth hot dog is 150, to maximize utility, a person will buy
A) 4 sodas and 4 hot dogs. B) more hotdogs than 4 and fewer sodas than 4 because hot dogs provide more utility. C) more sodas than 4 to increase their utility. D) fewer sodas than 4 and more hot dogs than 4.
Suppose that a firm is currently earning revenues that are smaller than its total costs. The firm's managers are trying to decide whether or not the firm should shut down in the short run
On what information should the manager's decision be based?
Discuss the short-run and long-run views of PPP. Make sure that you explain the underlying adjustment mechanism and theoretical reasoning for each view when answering the question
Which view, do you think, is more likely to represent the real world?
If the Federal Reserve's goal is to stabilize aggregate demand, then it will _____ the money supply in response to a stock market boom. This causes interest rates to _____
Fill in the blank(s) with correct word