An individual's demand curve for a good is derived by varying the
a. income level and observing the resulting total utility derived from both goods.
b. price of one good and observing the resulting quantities of the other good.
c. budget line to the left and calculating the loss in total utility.
d. price of one good and observing the resulting quantities demanded of that good.
d
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When the power company decides to use manpower to bury its lines, it directly answers the ________ question
A) what B) for whom C) how D) why E) when
Total revenue increases if the price of the good
A) rises and demand is elastic. B) rises and demand is inelastic. C) rises and demand is unit elastic. D) falls and supply is inelastic. E) falls and demand is unit elastic.
Adverse selection occurs in the used car market because:
A. the seller has more information than the buyer. B. the buyer has more information than the seller. C. both the buyer and the seller have incomplete information. D. Any of these could be the cause of adverse selection in the used car market.
Total factor productivity is
A) the quantity of output per worker. B) the quantity of output per unit of capital. C) the ratio of inputs divided by outputs. D) the quantity of output per unit of input.