Tom's marginal utility from a Sobe exceeds his marginal utility of crackers. Therefore, his total utility of Sobe must exceed his total utility of crackers
Indicate whether the statement is true or false
FALSE
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________ economists believe that active help from fiscal and monetary policy is needed to insure that the economy is operating at full employment
A) Keynesian B) Monetarist C) Classical D) All
How were macroeconomic balances different in the period from 2000 to 2007 from past financial crises?
What will be an ideal response?
Any risk-averse individual would always
A) take a 10% chance at $100 rather than a sure $10. B) take a 50% chance at $4 and a 50% chance at $1 rather than a sure $1. C) take a sure $10 rather than a 10% chance at $100. D) take a sure $1 rather than a 50% chance at $4 and a 50% chance at losing $1. E) do C or D above.
A formal agreement among the firms in an industry to coordinate their production and pricing decisions in order to earn monopoly profits is known as
a. price discrimination b. the kinked demand curve c. monopolistic competition d. a cartel e. joint competition