A benchmark that banks often use in quoting interest rates to their favored customers is the
A. 3-month Treasury bill rate.
B. discount rate.
C. prime rate.
D. federal funds rate.
Answer: C
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Suppose there are ten people playing cards in a room. One of them wants to smoke a cigar, nine of them dislike the smell of cigar smoke. The smoker values the privilege of smoking at $5, and each of the other nine people of the room would be willing to pay fifty cents for clean air in the room. The rules governing use of the room state that smoking is not allowed unless everyone agrees to allow smoking. Is it socially optimal for the cigar smoker to smoke?
A. Yes, because the value to the cigar smoker of smoking is greater than 50 cents. B. No, because the majority of people in the room dislike the smell of cigar smoke. C. No, because the value to the cigar smoker of smoking is less than the total value to the other people in the room of clean air. D. Yes, because the value to the cigar smoker of smoking is greater than the total value to the other people in the room of clean air.
Industry A comprises only very few large firms engaged in stiff competition with each other. Industry A can best be described as
A. monopolistic competition. B. oligopoly. C. pure competition. D. pure monopoly.
Explain how it is possible for marginal utility to fall while total utility is still on the rise?
What will be an ideal response?
Microeconomics can be used by governments to predict the impacts of a policy and suggest solutions to problems
What will be an ideal response?