Betsy's utility depending from her consumption of coffee is shown in the table above. Betsy's marginal utility from the 3rd cup of coffee per day is
A) 30.
B) 85.
C) 90.
D) 10.
D
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In the classical view, if desired saving exceeds desired investment
A) the interest rate would increase. B) government spending must rise. C) government spending must fall. D) the interest rate would decline.
If the minimum wage is set
A) above the equilibrium wage rate, it will create unemployment. B) equal to the equilibrium wage rate, it will create a shortage of labor. C) below the equilibrium wage rate, it will create unemployment. D) equal to the equilibrium wage rate, it will create a surplus of labor. E) below the equilibrium wage rate, it will create a shortage of labor.
In the long run, zero economic profit exists in monopolistic competition and perfect competition.
Answer the following statement true (T) or false (F)
How is monopolistic competition similar to perfect competition?
a. Both have market power. b. Both have easy entry and exit. c. Both have few sellers. d. Both have differentiated products.