In the above figure, at the best affordable point, the marginal rate of substitution is
A) 0.5 of a hamburger per magazine.
B) 1 hamburger per magazine.
C) 1.33 hamburgers per magazine.
D) 8 hamburgers per magazine.
C
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A change in the price of a good ________ its supply curve and ________ a movement along its supply curve
A) does not shift; causes B) shifts; does not cause C) does not shift; does not cause D) shifts; causes E) None of the above because the change in the price might cause either a shift in the supply curve or a movement along the supply curve depending on the size of the change.
From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony
Then the opportunity cost of attending the hockey match is A) going to the symphony and the basketball game. B) going to the symphony. C) going to the basketball game. D) three hours of time.
Which of the following is NOT a reason that real GDP is a poor measure of a nation's economic welfare?
A) Real GDP omits measures of political freedom. B) Real GDP does not take into account the value of people's leisure time. C) Real GDP does not include the underground economy. D) Real GDP overvalues household production.
When you go to a grocery store, most candy bars of a given size sell for virtually the same price. Can we conclude that this is evidence of collusion on the part of candy bar manufacturers?