Utility refers to how much consumers utilize a product or service.
a. true
b. false
Ans: b. false
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Suppose a perfectly competitive firm is producing 37 units output, and the marginal cost of the 37th unit is $3. If the firm can sell each unit of output for $5 and the firm's revenue is sufficient to cover its variable cost, the firm should:
A. raise its price. B. decrease production. C. lower its price. D. increase production.
The Coase theorem says that, if the appropriate property right is assigned to ____, an efficient solution to an externality problem will be achieved
a. the party causing the externality b. the victim of the externality c. the party that can avoid the externality at the higher cost d. either one of the parties involved
In a free-market economy, the pricing mechanism always operates to
A. produce an equitable distribution of income. B. provide an efficient allocation of resources. C. correct any inequality in distribution of output. D. equate consumers’ desires with ability to pay.
A reduction in the required reserve ratio has the instant effect of:
a. Increasing excess reserves. b. Increasing bank shareholders' equity. c. Decreasing bank shareholders' equity. d. None of the above is correct. e. Increasing the monetary base.