This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.BundleNumber of popsiclesUtility from popsiclesNumber of ice cream conesUtility from ice cream conesA1070000B87201500C66502700D45503750E24004760F005760Considering the information in the table shown, the price of ice cream is:
A. diminishing as Jack increases the amount consumed.
B. $2 per cone.
C. $1 per cone.
D. $5 per cone.
Answer: B
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Prices play a smaller role in _____, in contrast to other modes of governance like _____ and _____
a. hierarchies; markets; contracts b. contracts; hierarchies; markets c. markets; hierarchies; contracts d. etiquette; markets; contracts
The shape of the long-run Phillips curve suggests that over a long time horizon there is a magnified trade-off between the unemployment rate and inflation
a. True b. False Indicate whether the statement is true or false
The regulation of natural monopolies is common in all of the industries except the:
A. natural gas industry. B. tap water industry. C. electricity industry. D. oil and gas industry.
Please refer to the following diagram. 
A horizontal interpretation of the demand curve for a product
A. stipulates price as the independent variable in the price quantity relationship. B. indicates that a buyer can buy all she/he wants to buy at a given price. C. indicates that a seller can sell all he/she wants to sell at the given price. D. tells what prices would be required to sell various quantities of output.