Ceteris paribus, which of the following would cause a decrease in the demand for HD TVs, a normal good?
A. decline in the price of HD TVs.
B. increase in the price of HD TVs.
C. increase in consumers' income.
D. decrease in consumers' income.
Answer: D
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Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The table below describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-HoursPer DayOutputPer Day0014048091201516023200When the firm uses 9 employee-hours, its total labor cost each day is:
A. $30 B. $126 C. $56 D. $84
Use the following graph of total revenues to answer the question below. 
If the quantity of product X demanded decreases from 16,000 to 10,000 units, then it suggests that the price of X was
A. reduced and the demand is elastic. B. increased and the demand is elastic. C. increased and the demand is inelastic. D. reduced and the demand is inelastic.
Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is only one Nash equilibrium. 2. The Battle of the Sexes game has two Nash equilibria, neither of which is Pareto optimal. 3. All outcomes in the Copycat Game are Nash equilibria. 4. A solution concept is any way of analyzing a game which leads to the discovery of a Nash equilibrium which solves the game. 5. The concept of Nash Equilibrium is an important solution concept because it helps make predictions.
What is the difference between labor's marginal product and marginal revenue product?
A) The marginal product of labor is the additional labor's contribution to the firm's total output while the marginal revenue product is the additional labor's contribution to the firm's total sales revenue. B) Labor's marginal product is a measure of labor's productivity while labor's marginal revenue product is a measure of labor's ability to sell the firm's products. C) The marginal revenue product of labor is the dollar value of hiring an additional worker while the marginal product of labor is the increase in the firm's physical output as a result of hiring an additional worker. D) The marginal product of labor is the increase in output as a result of hiring an additional worker while the marginal revenue product of labor is the increase in profit as a result of hiring an additional worker.