A consumer is willing to purchase a product up to the point where
A) he spends all of his income.
B) the marginal benefit is equal to the price of the product.
C) the quantity demanded is equal to the quantity supplied.
D) he is indifferent between consuming and saving.
Answer: B
Economics
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If the required reserve ratio is 10 percent, currency in circulation is $1,200 billion, checkable deposits are $1,600 billion, and excess reserves total $2,500 billion, then the M1 money multiplier is
A) 2.5. B) 1.7. C) 7.3. D) 0.73.
Economics
A price searcher is any firm that has no control over price and must accept the market price as given
a. True b. False
Economics