If the average variable cost of the fifth hat is $50, then the total variable cost of five hats is
A. $10.
B. $250.
C. $1,800.
D. indeterminate from this information.
Answer: B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for rice. What happens in this market if buyers expect the price of rice to fall?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
From an economic standpoint, if one believes that a group would be better off from a policy change, this implies that _____
a. a majority of the group would be better off because of the change b. a super-majority of the group would be better off because of the change c. everyone in the group would be better off because of the change d. the total effect of the change is positive, even if most individuals are not better off
Refer to the above payoff matrix for the profits (in $ millions) of two firms (X and Y) making a decision to advertise or not. Which of the following is the outcome of the dominant strategy without cooperation?
A) Both firm X and firm Y choose not to advertise. B) Both firm X and firm Y choose to advertise. C) Firm X chooses to advertise while firm Y chooses not to advertise. D) Firm X chooses not to advertise while firm Y chooses to advertise.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.