Utils are used by economists to measure the satisfaction a person obtains from consuming a good
a. True
b. False
Indicate whether the statement is true or false
True
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Before considering any public project, the government should (i) compare the total cost and total benefits of the project. (ii) conduct a cost-benefit analysis. (iii) infer that citizens who vote for a project are willing to pay equally for it
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)
In a perfectly competitive situation, the profit-maximizing hiring situation for all inputs being used is where
A) the MRP of each input is equal to the price of each input. B) the MRP of each input is greater than the price of each input. C) the MRP of each input is less than the price of each input. D) There is no relationship between MRP and the prices of the inputs.