Based on the information in the above table, what is the total satisfaction Lauren can achieve if she is a rational consumer?
A. 74 utils
B. 30 utils
C. 85 utils
D. 111 utils
Answer: C
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A stand-by letter of credit issued by a bank is __________ of that bank
A) an asset B) a liability C) technically both an asset and a liability D) neither an asset nor a liability
In the new classical model, workers and firms try to keep their real wages and relative prices from falling when ________
A) income falls B) they expect inflation to rise C) they expect inflation to fall D) they expect aggregate demand to fall
Firms in a perfectly competitive market:
A. sell a differentiated product. B. sell homogeneous products. C. usually have large advertising budgets. D. try to attract customers away from their competitors.
Which of the following is a characteristic of a monopolistically competitive market?I.Firms sell differentiated products.II.Each firm earns a positive economic profit in the long run.III.Firms freely enter and exit the market.
A. II only B. I and II only C. I and III only D. I, II, and III