Use the figure below to answer the following question.
An increase in price, all else held constant, would cause a change from
A. point 4 to point 5.
B. point 1 to point 3.
C. point 3 to point 4.
D. point 5 to point 1.
Answer: C
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Most business people calculate marginal cost and marginal revenue to decide how much to produce.
Answer the following statement true (T) or false (F)
Suppose the supply of capital decreases. As a result, the quantity of capital used in production and the rental price of capital will both fall
a. True b. False Indicate whether the statement is true or false
An indifference curve illustrates the prices facing a consumer as she chooses how much X and how much Y to consume.
A. True B. False
From 1860 to 1910, miles of railroad track in operation increased from roughly ____ miles to _____ miles.
a. 1,000; 75,000 b. 10,000; 50,000 c. 30,000; 250,000 d. 75,000; 500,000