If two indifference curves cross, all points on both curves would yield an equal level of utility, which would violate the "more is better" property
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in the interest rate reduces the opportunity cost of holding money
a. True b. False
What would be an example of an implicit cost of production?
a. the cost of a delivery truck in a business that rarely makes deliveries b. the cost of employee training programs c. the cost of raw materials for producing bread in a bakery d. the cost of lost income an entrepreneur could have earned working for someone else
Which of the following is an important aspect of rational self-interest?
a. considering future costs b. considering past costs c. considering future causes d. considering past causes
QuantityTotal Cost0$01$202$453$754$110 Consider the cost function above. If the marginal revenue this business faces is $25, how much output should this business produce in order to maximize profit?
A. Zero units B. Three units C. Two units D. Four units