Refer to the data. Assume new product Z is introduced. How many units of Z will this consumer buy, given his or her $12 budget?
Consumer's income = $12
A. Zero units.
B. 2 units.
C. 4 units.
D. 6 units.
D. 6 units.
Economics
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Refer to Figure 10.1. If only one light is installed, the people who were not responsible for the light being installed each receive a payoff of
A) 2. B) 4. C) 6. D) 8.
Economics
In the long run, perfectly competitive firms earn zero economic profit. Why do firms enter an industry when they know that in the long-run they will not earn any profit?
What will be an ideal response?
Economics