After browsing several pairs of shoes, Bob buys a pair of Nike running shoes. Economists would say that:
A. Bob is revealing his strong distaste for New Balance running shoes.
B. Bob is revealing he will always choose Nike over any other shoe brand.
C. Bob will get more utility per dollar from the Nike running shoes than any other in the store.
D. Bob made a poor choice, if he really prefers Adidas.
C. Bob will get more utility per dollar from the Nike running shoes than any other in the store.
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When a perfectly competitive firm finds that its market price is below its minimum average variable cost, it will sell
A) any positive output the entrepreneur decides upon because all of it can be sold. B) nothing at all; the firm shuts down. C) the output where average total cost equals price. D) the output where marginal revenue equals marginal cost.
To join the EMU, a country should have no more than
A) 1.5 percent inflation rate above the average of the three EU member states with the highest inflation. B) 3 percent inflation rate above the average of the three EU member states with the lowest inflation. C) 4 percent inflation rate above the average of the three EU member states with the lowest inflation. D) 1.5 percent inflation rate above the average of the three EU member states with the lowest inflation. E) 2 percent inflation rate above the average of the three EU member states with the lowest inflation.
A major source of revenues for state and local governments is _____
a. income taxes b. payroll taxes c. intergovernmental revenues d. estate taxation
A decrease in the price of a good will cause a decrease in the firm's demand for labor
Indicate whether the statement is true or false