If Justin is willing to pay as much as $100 for a ticket to see the Rolling Stones, but is able to buy a ticket for $55, then he has a(n)
a. consumer surplus of $45
b. consumer deficit of $45
c. marginal utility of $45
d. marginal utility of $55
e. total utility of $155
A
Economics
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A monopolistically competitive firm will always choose to produce where
A) marginal revenue equals marginal cost. B) marginal cost meets the demand curve. C) average total cost meets the demand curve. D) average total cost is minimized.
Economics
The bowed shape of the production possibilities frontier can be explained by the fact that
a. all resources are scarce. b. economic growth is always occurring. c. the opportunity cost of one good in terms of the other depends on how much of each good the economy is producing. d. the only way to get more of one good is to get less of the other.
Economics