"Redistributing income in order to have a more equal distribution in the United States would result in a higher level of total consumer satisfaction." This statement is based on the concept that:
A. Income inequality is unfair
B. Income inequality is undemocratic
C. Income equality stimulates efficiency
D. Incomes are subject to diminishing marginal utility
D. Incomes are subject to diminishing marginal utility
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When the price per ticket is P*, there are empty seats at a university’s basketball arena. From this, we can conclude that
A. P* is greater than the equilibrium price. B. P* is less than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
The free-rider problem is the reason way private markets are unlikely to achieve the efficient level of production of
A) normal goods. B) excludable goods. C) public goods. D) private goods.
For a consumer not bound by the collateral constraint, a reduction in the price of the collateral leads to
A) nothing. B) an increase in current consumption and a decrease in future consumption. C) a decrease in current consumption and no change in future consumption. D) a decrease in current and future consumption.
Any point on the production possibilities curve illustrates:
a. minimum production combinations. b. maximum production combinations. c. economic growth. d. a nonfeasible production combination.