Answer the following questions true (T) or false (F)
1. Economists do not think it is possible to compare the relative utility that two people get from consuming an additional unit of a particular good.
2. Each price-quantity combination on a consumer's demand curve shows the utility-maximizing quantity at the given price.
3. A Giffen good could be either a normal good or an inferior good.
1. TRUE
2. TRUE
3. FALSE
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The fact that interest groups exist on both sides of an issue mean that _____
a. no special interest group gets everything it wants b. rational ignorance is nonexistent c. a prisoner's dilemma exists d. politicians are exposed to all viewpoints on an issue
Exhibit 8-13 Price and cost per unit curves
In Exhibit 8-13, the firm's short-run supply curve is the marginal cost curve above point
A. A. B. B. C. C. D. D.