The tangent at point A on a curve has a positive slope. Therefore, the curve has a
a. positive slope at all points.
b. positive slope at point A.
c. negative slope at all points.
d. negative slope at point A.
b
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Even though mass transit systems such as buses are available in most cities in the United States, many residents decide to drive to work in their own vehicles because
A) the opportunity cost of riding a bus is too high for them. B) there is no opportunity cost of them to drive. C) they are not aware of the opportunity cost of driving. D) they do not behave according to the economic way of thinking.
In the short run, a firm's output level is 5 units. Its average cost is $40 and its fixed cost is $50. What is this firm's variable cost of producing 5 units?
A) VC = $50 B) VC = $100 C) VC = $150 D) VC = $175
Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. Diminishing returns to labor set in with the ________ worker.
A. first B. second C. third D. fourth
The price elasticity of demand is a measure of the:
A. Effect of changes in demand on the price B. Relationship between price and profitability C. Responsiveness of buyers of a good to changes in its price D. Sensitivity of a good's price to changes in demand