Answer:
The correct answer is letter "B": consume more of good B and less of good A.
Explanation:
Marginal Utility is a common economic term referring to the extra benefit or satisfaction obtained by buying one additional unit of a good or service. Something has utility in economics if it meets any consumer desire or needs, whether for use or pleasure. People buy when the marginal utility is greater than the marginal cost, and when the marginal utility is less than the marginal cost, they do not.
Thus, if good A is twice the price of good B both having the same marginal utility, g<em>ood B should be consumed more because good A marginal utility is less than </em><u><em>its</em></u><em> marginal cost compared to good B</em>.
Answer:
B and D, $170
Explanation:
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Answer:
the wheat firm is perfectly competitive
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
he is a price taker and the price of his wheat which would be equal to equilibrium price would be determined by market forces
if he sells at the market price, he would sell all his wheat
Explanation:
If the uncle sells above equilibrium price, he would not sell any wheat
he cannot sell below equilibrium price because he would make losses
Explanation:
Credit report is the statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.
Credit scores are calculated basing on the information in your credit report