Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Nigel's opportunity cost of producing one bandana is

Compared to corporations, businesses that are proprietorships

A) are far more numerous. B) account for a larger percentage of the economy's total revenue each year. C) can raise capital more cheaply. D) All of the above are correct answers.

A consumer's optimum is found when

A) the marginal utility of the last dollar spent equals zero for each good. B) the marginal utility of each good is increasing and the total income is spent. C) the total utility of each good is the same and the total income is spent. D) the marginal utility of the last dollar spent on each good is the same and all income is spent.