A shortage occurs when price is higher than the market equilibrium
a. True
b. False
Indicate whether the statement is true or false
False
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The Federal Reserve System was created to
A) make it easier to finance budget deficits. B) promote financial market stability. C) lower the unemployment rate. D) promote rapid economic growth.
Recently, many cities have attempted to pass laws taxing the sale of sugary drinks such as soda pop. If one of these laws passes, we would expect
A) the supply curve for soda pop to shift to the right. B) the supply curve for soda pop to become more vertical. C) the demand curve for soda pop to shift to the right. D) the demand curve for soda pop to shift to the left.
When someone's willingness to pay is the same as the actual price paid for an item:
A. the individual will not purchase the item. B. the individual's surplus is zero. C. surplus cannot be maximized. D. All of these are true.
What do we know about total utility when marginal utility is zero?
What will be an ideal response?