Changing the price of a good will usually result in a negative externality
Indicate whether the statement is true or false
False. The effects of a price change are not externalities.
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Suppose Jenny's marginal utility of fish is 40 and her marginal utility from chips is 20. The price of fish is $10 and the price of chips is $1. What should Jenny do to maximize her utility? Explain your answer
What will be an ideal response?
To make the calculation of real GDP more accurate, in 1996 the BEA switched to using
A) base-year prices. B) chain-weighted prices. C) current prices. D) market prices.
In this situation, the monopoly's profits are:
a. 0.40. b. 0.16. c. 0.12. d. 0.08.
At its long-run equilibrium level of output, the demand curve facing an individual perfectly competitive firm is tangent to its
a. total economic profit curve. b. long-run average cost curve. c. marginal cost curve. d. marginal profit curve.