Utility is:
A. maximized by rational individuals.
B. revealed by observing choices an individual makes.
C. the satisfaction individuals get from different bundles of goods.
D. All of these are true.
D. All of these are true.
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Consider two countries—A and B. Country A is characterized by a command economy, absence of property rights, high entry barriers for new businesses, and forced child labor
Country B, on the other hand, is characterized by well-defined private property rights, a developed market system, and no entry barriers for new businesses. Which of the two countries is likely to oppose creative destruction more? Why?
(Consider This) The idea that the price level readily moves upward but not downward is called the:
A. elevator effect. B. escalator effect. C. ratchet effect. D. stair-step effect.