Opera Estate Girls' School is considering increasing its tuition to raise revenue. If the school believes that raising tuition will increase revenue it is assuming that the demand for attending the school is
A) perfectly elastic. B) unit elastic. C) inelastic. D) elastic.
C
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Measuring "y" on the vertical axis and "x" on the horizontal axis, convexity of indifference curves imply that the magnitude of MRS of "y" for "x"
A) is decreasing as "x" increases. B) is increasing as "x" increases. C) is constant as "x" increases. D) cannot be calculated for large levels of "x".
The law of demand states that there is
A) an inverse relationship between income and quantity demanded, ceteris paribus. B) a direct relationship between income and quantity demanded, ceteris paribus. C) no relationship between taste and quantity demanded, ceteris paribus. D) an inverse relationship between price and quantity demanded, ceteris paribus.
The break-even price for a perfectly competitive firm is the price that is equal to
A) AVC. B) ATC. C) MC. D) MR
Age is a determinant of income because
A. age contributes to costs as medical expenses increase. B. with age typically come experience, education, and training that can increase income. C. older workers have accumulated more wealth. D. older workers have accumulated less wealth.