As price rises, quantity demanded gets _______ and quantity supplied gets ________.
A. larger; larger
B. smaller; smaller
C. larger; smaller
D. smaller; larger
D. smaller; larger
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Property rights are useful in predicting behavior when we define ownership of a resource as
A) a moral claim to a particular resource. B) legal title to the resource. C) physical possession of the resource. D) the ability to appropriate the benefits from use of a resource.
The slope of the budget constraint line is:
a. the ratio of the prices (px/py). b. the negative of the ratio of the prices (px/py). c. the ratio of income divided by price of y (I/py). d. none of the above.
The price of Y is $10.According to the above figure, the marginal rate of substitution of X for Y at point C is:
A. 0.3 B. 5 C. 0.5 D. 2 E. none of the above
Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $5/unit. What is TRUE when the firm produces 110 units?
A. Its total profit is $65. B. Total revenue equals $3,075. C. Marginal revenue is more than marginal cost. D. Total costs exceed total revenue by $65.