The purchasing power of the dollar:
A. has been increasing in recent years because of economic growth.
B. varies directly with the cost-of-living index.
C. is inversely related to the level of aggregate demand.
D. is the reciprocal of the price level.
D. is the reciprocal of the price level.
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The opportunity cost for a student of attending college for a year is measured by
A. the benefit received by the student. B. the tuition paid for the year. C. the value of the most valued opportunity foregone by attending college. D. the total money outlays associated with attending college.
Which of the following statements is true when the consumer is in utility-maximizing equilibrium?
A) The number of units of each good purchased is equal. B) The prices of the goods in question must be equal. C) The total benefits the consumer receives from every good consumed must be the same for all goods. D) The rate at which the consumer is willing to trade one good for another is equal to the ratio of their market prices.
In the theory of utility, it is assumed that marginal utility:
a. increases as the consumption of a product increases. b. is always zero irrespective of any increase or decrease in consumption. c. remains constant when consumption of a product increases. d. diminishes as the consumption of a product increases. e. remains constant when the consumption of a product decreases.
An industry with a concentration ratio of 80 would have at least ____ firms.
A. 2 B. 3 C. 4 D. 5