The above table shows Tammy's total utility from videos and CDs. If Tammy has $110 to spend on videos and CDs and if the price of a video is $10 and the price of a CD is $20, then Tammy maximizes her utility by purchasing
A) 3 CDs and 5 videos.
B) 5 CDs and 1 video.
C) 4 CDs and 3 videos.
D) none of the above.
A
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The "quantity demanded" of any good or service is ________ during a specified time period and at a specified price
A) the amount people are willing to buy B) the amount people are able to buy C) the amount people are willing and able to offer D) the amount people are willing and able to buy E) the amount people are willing to buy because it is the amount sellers are willing to sell
A firm has two plants, one located in desirable Scenic Springs and the other located in the undesirable Swamp Lands. If the workers in Scenic Springs are paid $50,000 a year and the workers in Swamp Land are paid $60,000, which of the following is true?
A) The $10,000 difference in salaries is the worker equity payment. B) The $10,000 difference in salaries is the compensating wage differential. C) The $60,000 salary is a worker equity payment. D) The $60,000 salary is a compensating wage differential.
Differentiate between positive and negative incentives
Command systems are also known as:
A. market systems. B. pure capitalism. C. laissez-faire capitalism. D. communism.