In the above table, what is the marginal utility of the second hotdog consumed?
A. 40
B. 10
C. 30
D. 90
Answer: A
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Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. Which of the following best describes Max's preferences?
A) d > b > e B) d = b = e C) a = b > c D) a = b > e
The price elasticity of demand for Rosie's Roses fresh flowers the week of Valentine's Day is 1.10 and is 1.60 other days of the year. If Rosie's Roses faces a constant marginal cost of $0.75 per rose, what is the profit-maximizing off-peak load price to charge on days not on the week of Valentine's Day?
A) $2.00 B) $5.00 C) $8.50 D) $1.25
The reason the marginal cost curve eventually increases as output increases for the typical firm is because of:
A. Diseconomies of scale B. Diminishing marginal utility C. Diminishing marginal returns D. Increasing opportunity cost
Among its duties, the Federal Reserve ________.
A. collects taxes from the commercial banks B. is responsible for regulating and supervising the banks C. uses loans from the commercial banks to increase the money supply D. provides deposit insurance for commercial bank customers