As Tabitha consumes more ice cream sundaes within a given period of time, it is likely that each additional sundae consumed will
A. increase her quantity demanded for ice cream sundaes.
B. bring her successively more satisfaction.
C. bring her successively less satisfaction.
D. increase the supply of ice cream sundaes.
Answer: C
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Price fixing is an arrangement whereby firms agree to:
A. set price equal to marginal revenue. B. set price equal to marginal cost. C. set price equal to average total cost. D. coordinate their pricing decisions.
Oliver decides to spend an hour playing basketball rather than studying. His opportunity cost of playing is: a. the amount of time he decides to dedicate to basketball
b. the increase in his skill as a basketball player from playing for that hour. c. the benefit to his grades from studying for an hour. d. the injury he might get by playing.
Sarah Jones works 10 hours a week, but she would like to work a full workweek. Sarah is considered to be:
a. Employed. b. Unemployed. c. Not part of the workforce. d. Employed but not part of the workforce. e. None of the above.
Explain why environmentally minded firms in a competitive industry will find it difficult to take environmental action.
What will be an ideal response?