Milton Friedman first proposed the hypothesis that individuals consume a fraction of their expected, or ________, income

Assuming economic efficiency is maximized, when will more of a resource tend to be used in the first time period (as compared to future time periods)?

a. Whenever the discount rate is positive b. Whenever the marginal net benefits in the present are positive c. Whenever the discount rate is zero d. Whenever the user costs are positive in the present e. Whenever the marginal net benefits in the future are negative

In monopolistic competition, excess capacity results from

A) the presence of a large number of buyers. B) the mobility of firms into and out of the industry. C) imperfect information about price. D) product differentiation.