When Joe maximizes utility, he finds that his MRS of X for Y is greater than Px/Py. It is most likely that:
A) Joe's preferences are incomplete.
B) Joe's preferences are irrational.
C) Joe is not consuming good X.
D) Joe is not consuming good Y.
D
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Sellers who were originally willing to supply 800 units of a good at $4 per unit are now willing to supply 600 units at $4 per unit. That change would be described as: a. an increase in supply
b. a decrease in supply. c. an increase in quantity supplied. d. a decrease in quantity supplied.
A consulting firm estimates the following quarterly sales forecasting model:Qt = a + bt +cDThe equation is estimated using quarterly data from 2005 I - 2015 III (t = 1,..., 43). The variable D is a dummy variable for the second quarter where: D = 1 in the second quarter, and 0 otherwise. The results of the estimation are: 
Given the above, these estimates indicate that the second quarter change in sales is
A. 24.5 units higher in the second quarter than in the other three quarters. B. 1.86 units higher in the second quarter than in the other three quarters. C. 2.00 units higher in the second quarter than in the other three quarters. D. 22.5 units higher in the second quarter than in the other three quarters.
Figure 33-8
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In Figure 33-8, which of the following points cannot be observed in the long run?
A. A B. B C. C D. E
A student figured out that the HHI for an industry was 13,000. What is the proper conclusion?
A. The student made some computational errors. B. The market is close to perfectly competitive. C. The market is served by a monopoly. D. The market is monopolistically competitive.