Refer to Table 3-1. The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia) and the rest of the market. If the price of loose-leaf tea rises from $3 to $4, the market quantity demanded would
A) decrease by 32 lbs. B) increase by 64 lbs. C) decrease by 64 lbs. D) increase by 32 lbs.
A
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Answer the following statement(s) true (T) or false (F)
1. Cost-effectiveness requires that resources are allocated such that the additional benefits to society are equal to the additional costs. 2. Assume that the marginal revenue associated with the 12th unit of output is $25 and the marginal cost is $14. As a result, the firm should produce more, because the marginal profit at that output level is greater than zero. 3. When a profit-maximizing firm increases output to Q = 50, its MR= $100 and MC = $124, meaning that total profitfalls by $24, so the firm should contract production. 4. In perfect competition, the firm faces a perfectly inelastic demand. 5. The demand faced by the perfectly competitive firm is perfectly elastic, meaning that price and marginal revenue are equal.
If Mousey Mike threatens to tell, what would Bratty Brad's best response be?
a. Hit b. Not hit c. Run d. Hide
An organization that seeks to draw the strength that comes from bringing together people of different perspectives, experiences, cultures, and backgrounds embraces:
A) voluntarism. B) hygiene factors. C) operant conditioning. D) diversity.
If the reserve requirement is 10 percent, a bank desires to hold no excess reserves, and it receives a new deposit of $500, it
a. must increase required reserves by $50. b. will initially see reserves increase by $500. c. will be able to use this deposit to make new loans amounting to $450. d. All of the above are correct.