Refer to Table 10-2. What is Keira's marginal utility per dollar spent on the third cup of soup?
A) 72 units of utility B) 36 units of utility C) 12 units of utility D) 6 units of utility
D
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Price ceilings have to be set above the undistorted market equilibrium price in order to have any impact.
Answer the following statement true (T) or false (F)
If the market for maple syrup is perfectly competitive, then in the long-run equilibrium, firms are
A) entering the market. B) exiting the market. C) making zero economic profit. D) temporarily shutting down.
We all know that the United States has the highest per capita health care spending in the world. Which country has the second highest?
a. Germany b. Japan c. France d. Switzerland e. Canada
If price is lowered by law from the market equilibrium value of $5 to a lower value of $4:
A. producer surplus will decrease and there will be some total surplus lost. B. consumer surplus will decrease and there will be some total surplus lost. C. there will be lost surplus, as both producer surplus and consumer surplus decrease. D. both producer surplus and consumer surplus will increase.