A util:
a. can measure satisfaction with factual accuracy.
b. is not a valid concept.
c. applies to a good but not to a service.
d. is purely a fictitious measure of the satisfaction a consumer derives from a product.
e. can be used in place of money in some countries.
d
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Over the past decade, the incomes of the top 1 percent have increased disproportionately higher than that of the middle class. These changes mean that the Lorenz curve moved ________ the 45 degree line and the Gini ratio has ________
A) closer to; decreased B) closer to; increased C) further away from; decreased D) further away from; increased
If the government grants patents to three different firms that produce a drug for diabetes, then the three firms may lead to the creation of: a. a monopoly
b. an oligopoly. c. monopolistic competition. d. perfect competition.