All else held constant, an increase in the price of tablets will result in a
A. decrease in the demand for tablets.
B. leftward shift of the demand curve for tablets.
C. movement up and to the left along the demand curve for tablets.
D. rightward shift of the demand curve for tablets.
Answer: C
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As disposable income ________ planned consumption expenditure ________
A) decreases; increases B) increases; decreases C) decreases; remains the same, since it is autonomous expenditure D) increases; increases E) increases; changes only if net taxes also change
Which of the following does NOT represent a possible shape of the long-run average cost curve?
A) downward sloping B) upward sloping C) U-shaped D) vertical
In the circular-flow diagram,
a. factors of production flow from government to firms. b. goods and services flow from households to firms. c. income paid to the factors of production flows from firms to households. d. spending on goods and services flows from firms to households.
Suppose that when you consume the third piece of chicken, total utility rises from 420 to 520. Marginal utility for the third piece of chicken is:
A. 520. B. 420. C. 100. D. 140.