Explain the concept of consumer equilibrium
What will be an ideal response?
A consumer equilibrium is a situation in which a consumer has allocated all his or her available income in the way that, given the prices of goods and services, the combination of goods and services maximizes the consumer's total utility.
Economics
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Refer to the above figure. A recession is best described as
A) the upward linear line. B) the period between Point B and Point C. C) the period between Point A and Point B. D) none of the above.
Economics
Economic profit equals accounting profit minus implicit costs
a. True b. False Indicate whether the statement is true or false
Economics