Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the price of a lobster dinner?

Which of the following does a social planner necessarily need to know to restore efficiency in a monopoly market?

A) The monopolist's marginal costs only B) The buyers' demand for a close substitute of the product sold in the market C) The monopolist's marginal revenue and the tax levied on the sale of the good D) The monopolist's marginal costs and the buyers' willingness to pay for the good

The assumption that people do NOT intentionally make decisions that would leave them worse off is known as

A) the rationality assumption. B) the false assumption. C) the ceteris paribus assumption. D) the normative assumption.