Consumers seek to
A) maximize profits.
B) maximize expected consumer surplus.
C) maximize expenditures.
D) maximize choice.
B
Economics
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Ricardo's assumption for economic rents for land was based on
A) the supply of land being a fixed quantity. B) a shortage of land. C) a surplus of land. D) total government control of land.
Economics
An increase in the demand for a product will cause output to:
a. increase and the demand for the resources used to produce the product to rise b. increase and the demand for the resources used to produce the product to fall. c. decline, while the demand for the resources used to produce the product remains constant. d. increase and the price of resources used to produce the product to increase if their supply is perfectly elastic.
Economics