The reward offered to households to refrain from spending their income on current consumption and instead save their income is
a. rent
b. credit
c. utility
d. interest
e. forgone utility
D
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Menu costs are the costs of:
A. changing prices. B. running a restaurant. C. changing production. D. increasing aggregate demand.
A black market
A) is legal only when it is associated with government price ceilings. B) is defined as the deadweight loss associated with taxes. C) benefits no one. D) is a potential outcome of a price ceiling. E) is always legal.
The combinations of inputs costing a constant C dollars is called:
a. an isocost line b. an isoquant curve c. the MRTS d. an isorevenue line e. none of the above
Retailers do not find it profitable to engage in promotional activities because
a. They cannot reap the full benefits of the promotion b. They do not have to share the benefits of the promotion with the manufacturer c. They are unaware of competing retailers' ability to "free ride" on their efforts d. All of the above