A consumer's marginal willingness to pay
A) changes with price.
B) is equal to the marginal value to the consumer of the last unit of output.
C) is the minimum price a consumer will pay for the last unit of output.
D) is the first derivative of the demand curve.
B
Economics
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The Fed can directly lower the inflation rate
Indicate whether the statement is true or false
Economics
The demand for orthodontists' services falls as the proportion of the population that obtains braces falls. It may take several years before the new long-run equilibrium for the orthodontic labor market is attained
In the meantime, the orthodontic labor market experiences a A) shortage. B) quality decrease. C) surplus. D) excess demand.
Economics