The personal distribution of income measures which of the following?
A) the distribution of earnings by the factors of production
B) proportion of income generated by the four types of expenditures on goods and services
C) the distribution of income among households
D) the distribution of income among nations
E) how federal tax revenues are related to the type of businesses that employs the taxpayers
C
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If a consumer concludes that the marginal utility of the last dollar spent on vegetables exceeds the marginal utility of the last dollar spent on junk food, he will respond by
A) consuming relatively more junk food and fewer vegetables. B) consuming relatively more vegetables and less junk food. C) consuming equal amounts of vegetables and junk food. D) halting consumption of junk food altogether.
According to the figure shown:
A. there is no stable equilibrium to the game.
B. both players will act in their own self-interest and get a stable, but less than optimum, equilibrium.
C. both players will act in their own self-interest and get an optimum equilibrium that is stable.
D. both players have an incentive to charge a low price and undercut the competition.