The slope of a graph that shows a direct relationship is
What will be an ideal response?
always positive.
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If the demand curve for an inferior good is drawn,
A. the curve will generally have a positive slope. B. the curve cannot be drawn; demand curves only exist for normal goods. C. the curve will generally have a negative slope. D. the curve will shift when the price of the good changes.
The average total cost curves for plants A, B, C, and D are shown in the above figure. It is possible that the long-run average cost curve runs through points
A) a, b, and c. B) b, d, and e. C) d, e, and f. D) c and d.
Harvey Miller owns a baseball that was hit for a home run by Ted Williams
Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for $75,000 even though he would not have paid someone more than $10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting that: "Ted Williams was my hero. This baseball has a great deal of sentimental value for me." Which of the following can explain Harvey's behavior? A) how social influences can affect consumption choices B) the difference between implicit and explicit costs C) the endowment effect D) the scarcity of home run baseballs hit by Ted Williams
Suppose that at the current level of output, price = $100, MC = $100, AVC = $80, and ATC = $90. Which of the following is TRUE?
A) The firm should decrease output. B) The firm should shut down. C) The firm should increase output. D) The firm should maintain the current level of output.