Refer to the indifference curve in Figure 3.3. Which of the following statements about marginal utility (MU) is correct?
A) MU(A) = 0.
B) MU(B) = 0.
C) MU(A) is negative.
D) MU(B) is negative.
B
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The winner of a second-price sealed-bid auction pays an amount equal to ________
A) half of his bid B) the lowest bid C) the second-highest bid D) his valuation of the good
Using capital budgeting, managers seek to answer which of the following questions?
A) Does the anticipated future cost exceed the profit enjoyed in the current period? B) What is the expected future cost? C) What is the expected future profit? D) Does the anticipated future profit cover the cost incurred in the current period?
In the past, voting systems in most countries required that you be:
A. white, male, and hold property in order to vote. B. both male and white in order to vote. C. both male and hold property in order to vote. D. male in order to vote.
If the percentage increase in the quantity supplied equals the percentage increase in the price, the supply:
A. is perfectly elastic. B. has unit elasticity. C. is elastic. D. is inelastic.