When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now
a. True
b. False
Indicate whether the statement is true or false
False
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Marginal utility theory predicts that when the price of one good rises, the demand for another good is a substitute increases. This change occurs because of
A) an increase in the marginal utility per dollar from the substitute good. B) an increase in the marginal utility of the substitute good. C) a decrease in the marginal utility per dollar from the good whose price has risen. D) a decrease in the marginal utility of the good whose price has risen.
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract
A) efficiency is achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.
Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
a. Specialization b. Unlimited wants c. Underutilization of resources d. Opportunity costs e. Overutilization of resources
Which of the following is the best example of a durable good?
a. the box of Dunkin' Donuts doughnut holes that you ate for lunch yesterday b. a bottle of Calvin Klein Obsession (cologne) c. your Ford Explorer d. a box of pecan nuts e. the services you bought when you had your ears pierced last week