You observe that grocery shoppers choose the shortest line at the checkout. This is an example of _____
a. rational self-interest
b. selfishness
c. greed
d. blind materialism
e. altruism
a. rational self-interest
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Which of the following would cause a decrease in the supply of peanut butter?
A) a decrease in the price of peanut butter B) an increase in the technology used to produce peanut butter C) a decrease in the price of jelly (assuming that peanut butter and jelly are complements) D) an increase the price of peanuts
If the quantity demanded increases by 20 percent in response to a 10 percent decrease in price, demand is classified as:
a. unstable. b. relatively inelastic. c. relatively elastic. d. of unitary elasticity.
In the Cournot model,
A. each firm takes the quantities produced by its rivals as given. B. one firm plays a leadership role and its rivals merely follow. C. prices are higher and quantities are slightly less than we would see if the firms colluded. D. each firm takes the prices charged by its rivals as given.
The explanation for why marginal cost is positive and rising in the short run is _______ marginal product of labor in the production process.
A) a zero B) a constant C) an increasing D) a diminishing