The increase in the demand for widgets, shown in the figure above, is the result of an increase in the price of McBoover devices from $9 to $11. Therefore, the cross-price elasticity for these two products is
A) -2.0.
B) -0.5.
C) 0.5.
D) 2.0.
D
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Gabby flips a fair coin and it comes up heads. Gabby suffers from the gambler's fallacy if:
A. she thinks the coin will come up heads on the next flip because it came up heads on the previous flip. B. she is more willing to bet on the outcome of the next flip. C. she thinks the coin is less likely to come up heads because it came up heads on the previous flip. D. she thinks the coin is equally likely to come up heads or tails on the next flip.
The marginal product curve rises when the marginal cost curve rises
a. True b. False Indicate whether the statement is true or false
Money that is backed solely by a government decree is referred to as fiat money
a. True b. False Indicate whether the statement is true or false
An apple orchard currently hires 10 workers. The owner estimates that hiring an additional worker would increase apple yields by 20 bushels per day. The price of apples is $15 per bushel. The owner should hire the extra worker if the wage rate is no greater than
a. $50 per day. b. $150 per day. c. $200 per day. d. $300 per day.