Ice Cream ConesTotal Utility150 280 395 495 Using Table 5-3, graph the marginal utility curve.
What will be an ideal response?
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A price floor set above the equilibrium price is not binding
a. True b. False Indicate whether the statement is true or false
An increase in demand will cause
a. an increase in supply. b. a decrease in supply. c. an increase in quantity supplied. d. a decrease in quantity supplied. e. a decrease in equilibrium price.
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. Labor costs $5 per unit and capital $20 per unit. At these input levels, another unit of labor adds 5 units of output, while another unit of capital adds 40 units of output. If the firm uses 496 units of labor and 101 units of capital instead, what will happen?
A. Output will be unchanged, and cost will decrease by $40. B. Output will be unchanged, and cost will decrease by $20. C. Cost will be unchanged, and output will increase by 20 units. D. Cost will be unchanged, and output will increase by 35 units.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.