Multiple Choice
The representative consumer acts competitively
A) when he or she can haggle for a lower price.
B) when he or she is a price-taker.
C) when he or she is a price-maker.
D) if the consumer is large relative to the size of the market.
E) when he or she has to make decisions regarding work and leisure.
Correct Answer:
Verified
Correct Answer:
Verified
Q45: A production function describes the<br>A) technological possibilities
Q46: In macroeconomic analysis, the representative consumer<br>A) denotes
Q47: At the optimal consumption bundle, the marginal
Q48: An economy without monetary exchange is called<br>A)
Q49: When consumption and leisure are both normal
Q51: The Solow residual is a measure of<br>A)
Q52: In the goal of consumer optimization, it
Q53: In a one-period economy<br>A) consumption equals disposable
Q54: A dynamic decision is one that<br>A) is
Q55: "More is always preferred to less" refers