The satisfaction or pleasure one gets from consuming a good or service is called:
A. Price
B. Utility
C. Income
D. Profits
B. Utility
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A temporary supply shock that raises prices will cause the real interest rate to
A) rise in both the short and long runs. B) rise in the short run but not in the long run. C) fall in both the short and long runs. D) fall in the short run but not in the long run.
Refer to the above figure. An excise tax of $0.50 was imposed on this good. From the figure we can see that the
A) producer will bear most of the tax. B) consumer will bear most of the tax. C) consumer and producer will share the tax. D) amount of the tax collected is less than $0.50.
A large number of businesses are organized as sole proprietorships because it is easy for them to acquire large sums of financing
a. True b. False
If a monopsony finds that its MRP is greater than its MFC, it:
a. is doing the right thing to maximize profits. b. should hire fewer workers to increase profits. c. should hire more workers to increase profits. d. should pay the workers a lower wage. e. should produce less output.