Leisure is
a. subject to the law of diminishing marginal utility
b. usually considered an inferior good
c. a complementary good with nonmarket work
d. a complementary good with market work
e. an irrational way to spend valuable time
A
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If the baseball team can sell 6000 box-seat tickets when they set the price at $10 and 7000 box-seat tickets when they lower the price to $8, the marginal revenue per ticket between 6000 and 7000 tickets is
A) $60,000. B) $56,000. C) $9. D) $2. E) minus $4.
Median household income in the United States has increased from $38,771 in 1967 to $51,017 in 2012. Based only on this fact, we can conclude that
A) Inequality is increasing in the United States. B) Inequality is decreasing in the United States. C) Inequality is not changing in the United States. D) We cannot conclude anything about inequality in the United States without more information.
The expression "Let bygones be bygones" is associated with what type of cost?
Demand is elastic along the upper half of a linear demand curve, which means that a decrease in price will increase the quantity sold by a larger percentage amount.
Answer the following statement true (T) or false (F)