At the equilibrium consumption bundle, which of the following holds?
A. MRSX,Y = ?PX/PY.
B. MRSX,Y = PX/PY.
C. MRSX,Y = PY/PX.
D. MRSX,Y = ?PY/PX.
Answer: B
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Suppose a company that produces furniture wax branches out into producing a dusting product like Lemon-Dust-Away. If this expansion is efficient, the company must
a. benefit from vertical integration b. benefit from horizontal integration c. experience economies of scale d. experience economies of scope e. have no transaction costs
Grant Gant was a doctor in 1944 and earned $12,000 that year. His daughter, Gretta Gant, is a doctor today and she earned $210,000 in 2005. The price index was 17.6 in 1944 and 184 in 2005.
Grant Gant's 1944 income in 2005 dollars is a. $1,147.83. b. $113,454.55. c. $125,454.55. d. $1,996,800.00.
Central planning is an ineffective method to organize an economy because
What will be an ideal response?
Suppose the figure below illustrates the demand curve facing a monopolist. 
At a price of $8 per unit, the total revenue for this monopolist is ________ per day, and the marginal revenue earned from the last unit sold is ________.
A. $3,200; $8 B. $3,200; $0 C. $3,200; $4 D. $8; $8