In a given year, a country's GDP = $9841, net factor payments from abroad = $889, taxes = $869, transfers received from the government = $296, interest payments on the government's debt = $103, consumption = $8148, and government purchases = $185. The country had private saving equal to

Why is a firm in perfect competition a price taker?

What will be an ideal response?

Table 5-1B Number of coconuts 0 1 2 3 4 Robinson’s marginal utility C $2.00 $1.88 $1.60 $1.30   If a graph of Robinson’s marginal utility were constructed from Table 5-1B, it would

A. illustrate the “law” of diminishing marginal utility. B. be a negatively sloped curve. C. illustrate a typical consumer’s satisfaction derived from consumption of consecutive units of a good. D. All of the responses are correct.