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7. An indifference map implies that: A. money income is constant, but the prices of the two products vary directly with the quantities purchased. B. the two products under consideration are perfectly substitutable for one another. C. a consumer is better off to be at some point high on a given curve as opposed to a point low on the same curve. D. curves farther from the origin yield higher levels of total utility. 1. The law of diminishing marginal utility states that: A. total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed. B. beyond some point additional units of a product will yield less and less extra satisfaction to a consumer. C. price must be lowered to induce firms to supply more of a product. D. it will take larger and larger amounts of resources beyond some point to produce successive units of a product.
Compare and contrast the two basic approaches to dealing with pollution caused by economic activity: the Polluter Pays Principle versus the Precautionary Principle.
1. bertrand duopolists firm 1 and firm 2 face inverse market demand p 50 - q. both have marginal cost mc 20.
folk wisdom has it that when people lose their jobs they drown their sorrows in drink.economists have long challenged
Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.
in 2012 a baseball player signed a contract reported to be worth 89.8 million. the contract was to be paid as 13.2
In the early 1990's, a study found that moderate daily consumption of red wine reduced the incidence of heart disease in labratory rats. As a result of national press coverage of the report, the demand for red wine increased dramatically. Assume t..
Examine the models of oligopoly and create at least one recommendation for improvement. Describe your rationale.
differentiate between positive and negative feedback loops. give examples of each with regard to natural resource
which of the following public policies restricts competition?a. licensingb. patentsc. import quotasd. all of the
Which tool do you think is most commonly used If the Fed wanted to decrease the supply of money in the economy, would the Fed buy or sell securities in the open market and what would be the first effect of this policy.
amalia alexia and ariane work together in a homework group on a problem set. each group member i 123 can exert effort
How many additional watches can be produced by an extra hr of labor? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide?
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