Chicken and pork are substitutes. Other things being equal, an increase in the price of chicken will
A. put downward pressure on the price of pork.
B. have no effect on the demand or pork.
C. increase the demand for pork.
D. decrease the demand for pork.
C. increase the demand for pork.
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Near an ocean beach, a high-rise building is being constructed that will block the scenic view of the ocean by the residents of a low-rise building. The Coase theorem suggests that this type of dispute between the owners of high-rise and low-rise buildings would best be resolved by:
A. city government officials. B. a government fine for the builder of the high-rise. C. a zoning ordinance restricting high-rise buildings. D. the owners themselves.
If increasing your consumption of pizza from 3 to 4 slices increases your utility, which of the following must be true?
a. The marginal utility of the fourth slice of pizza is equal to the total utility of 4 slices of pizza. b. The marginal utility of the fourth slice of pizza is greater than the marginal utility of the third slice of pizza. c. The marginal utility of the fourth slice of pizza is positive. d. The marginal utility of the third slice of pizza is negative.
What is always TRUE about the short-run equilibrium position for a firm in perfect competition?
A. MR = MC = P = ATC = AR B. TR = TC C. MC = ATC D. MR = MC = P = AR
According to Okun's Law, if GDP increased by 12%, the unemployment rate would decrease by
A. 2 percentage point. B. 3 percentage points. C. 4 percentage points. D. 6 percentage points.