When a consumer allocates her limited budgetary resources to maximize her well-being, ____ is achieved
a. the elimination of scarcity
b. market equilibrium
c. consumer equilibrium
d. the maximization of marginal utility
c
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A two-part price is less efficient than a Ramsey
Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
When a society takes increasing amounts of resources and applies them to the production of a specific good, resulting in increasing opportunity costs for each additional unit produced, which of the following applies?
A. the law of scarcity B. the law of supply C. the law of increasing additional costs D. the law of demand
If the price of butter increases, the demand for margarine
A) will be unchanged. B) will shift outward. C) will shift inward. D) will kink into an S-curve.