Economics - Study Mode

[#1166] The law of equi-marginal utility states the condition of equilibrium as
Correct Answer

(B) $$frac{{M{U_x}}}{{{P_x}}} = frac{{M{U_y}}}{{{P_y}}} = frac{{M{U_z}}}{{{P_z}}} = M{U_m}$$

[#1167] In a typical demand schedule, quantity demanded
Correct Answer

(C) varies inversely with price
(G) Varies inversely with price

[#1168] Rent earned by a factor of production equals
Correct Answer

(D) the difference between what this factor is currently earning and what it can earn in its next best use

[#1169] An ethical or value judgement must be made in order to derive the
Correct Answer

(D) social welfare function

[#1170] After recession, comes
Correct Answer

(B) Depression