Which of the following is true?
A. ATC = AVC - AFC
B. TVC/Q = TC/Q + TFC/Q
C. ?TC/?Q = ?AVC/?Q
D. ?TC/?Q = MC
Answer: D
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Shaniq buys only soda and pizza and is buying the amounts that maximize her utility. The marginal utility from a soda is 30 and the price of a soda is $2. The marginal utility from a slice of pizza is also 30. The price of a slice of pizza must be
A) $30. B) $2. C) $1. D) some amount that cannot be calculated without more information.
In some markets for used goods:
A. the seller has more information than the buyer about the quality of the good. B. the buyer has more information than the seller about the quality of the good. C. low-quality used goods will be underpriced. D. the quality of used goods sold in the market will typically rise over time.
An increase in demand and a decrease in supply will lead to an
A) unambiguous increases in both price and quantity. B) unambiguous decreases in both price and quantity. C) an unambiguous increase in quantity, but the effect on price is indeterminate. D) an unambiguous increase in price, but the effect on quantity is indeterminate.
One problem associated with the National Banking System was
a. the perverse elasticity of the money supply. b. the tendency of bank reserves to stay in local communities. c. inadequate backing for national bank notes. d. excessive loans made to farmers.