Refer to Figure 3.1. If one of the graphs represents the total benefit of an activity, which other graph best represents the marginal benefit of the activity?
B. B
C. C
D. D
A. A
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Which of the following examples correctly identifies preference reversals?
A) Alice starts using public transport when the price of gasoline increases. B) Sarah's consumption of coffee increases substantially when the price of tea increases. C) Terry decides on Monday that he would join music classes from Thursday, but refuses to do so on Thursday. D) The extra utility that Tim derives from consuming additional units of ice cream decreases as he consumes more ice cream.
If unemployment equals the natural unemployment rate, then there
A) is zero unemployment. B) is only frictional or structural unemployment. C) are no job openings existing at the time. D) is less than full employment.
Food retailers usually do not compete on which of the following factors?
a. Price b. Variety c. Location d. Packaging
Explain why the long-run average cost is typically U-shaped