When an employee at a grocery store scans the price of your items, bags the groceries, and collects your paper, the individual has provided

Under standard assumptions, which of the following is not a property of indifference curves?

a. They are downward sloping and convex. b. They fill the plane and never cross. c. Their slope is equal, in magnitude, to the relative price of the goods. d. Baskets on indifference curves further away from the origin provide more satisfaction than those which are closer to the origin.

As defined by Thomas Schelling, a "strategic move" is

A) any strategy choice in a game. B) any strategy choice consistent with Nash equilibrium. C) any strategy choice in a sequential game. D) a strategy choice that influences the subsequent strategy choice of another player. E) a strategy choice that restricts the set of outcomes available to another player.

Land's End estimates a demand curve for turtleneck sweaters to be: Log Q = .41 + 2.3 Log Y - 3 Log P where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of imported turtleneck sweaters is $9.00 . The optimal monopoly price would be:

a. P = $13.50 b. P = $26.50 c. P = $27.50 d. P = $34.50 e. P = $56.22

Gertie saw a pair of jeans that she was willing to buy for $35. The price tag, though, said they were $29.99. Therefore:

A. Gertie should buy the jeans because the price is more than her reservation price. B. Gertie should not buy the jeans because they will be of lower quality than she expected. C. Gertie should buy the jeans because the price is less than her reservation price. D. Gertie should not buy the jeans because the price is not equal to her reservation price.