Which of the following is most likely to be common property?
A. cattle in a Texas ranch
B. tuna in the Pacific Ocean
C. farm raised catfish in Alabama
D. lawn in a privately owned golf club
Answer: B
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Use the law of diminishing marginal utility to explain why Domino’s and Pizza Hut allow the purchase of a second pizza for only $4 when one pays full price (around $10) for the first pizza. Why not simply charge $7 a pizza instead?
What will be an ideal response?
Refer to Figure 2-17. One segment of the circular flow diagram in the figure shows the flow of funds from economic agents E to market F. Who are economic agents E and what is market F?
A) E = households; F = product markets B) E = households ; F = factor markets C) E = firms; F = product markets D) none of the above
A firm is operating with an optimal combination of inputs. Suddenly the price of one input rises. The firm should
A. buy less of that input and more of the other input. B. change its input mix so that the marginal physical product of the input whose price has risen falls and the marginal physical product of the other input rises. C. buy less of whichever input now has the highest money price and more of the other input. D. reduce its output.
To find the percentage change in price,
A. The change in quantity is divided by the average quantity. B. The change in quantity is divided by the change in price. C. The percentage change in quantity demanded is divided by the percentage change in price. D. The change in price is divided by the average price.