The idea of utilitarian justice was first proposed by
A. John Stuart Mill.
B. John Rawls.
C. Karl Marx.
D. None of the above is correct.
Answer: A
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How can the average-fixed-cost curve be declining when fixed cost is constant?
If the productivity of labor falls, its MPP will _____ and its MRP will _____.
A. rise; rise B. fall; fall C. rise; fall D. fall; rise
According to the quantity equation, if M increases by 3 per cent and V increases by 2 per cent, then:
A. real income increases by approximately 5 per cent. B. the price level increases by approximately 5 per cent. C. the nominal interest rate increases by approximately 5 per cent. D. nominal income increases by approximately 5 per cent.
Draw a picture to illustrate why total surplus is highest at the competitive equilibrium price and not at a price below equilibrium. Explain your diagram.
What will be an ideal response?