Recall the Application about how marginal utility changes with the quantity consumed to answer the following question(s). Neuroscientists offered subjects in an experiment varying monetary rewards, and observed the neural activity in a subject's striatum region of the brain.Recall the Application. The results of the study mentioned in the Application lend support to:
A. the law of diminishing marginal utility of rewards.
B. the law of supply.
C. increasing marginal utility of rewards.
D. the law of averages.
Answer: A
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You have an hour between your economics and math classes. What is the opportunity cost of that time if you use it to complete your math homework instead of your economics homework?
A) the economics homework you could have completed B) the cost of your calculator and math textbook C) the math homework you chose to complete D) zero, because it doesn't cost any money to do your math homework
If a firm experiences increasing returns to scale at all levels of output: a. the slope of its long-run total cost curve is everywhere negative
b. the slope of its short-run average cost curve is everywhere negative. c. the slope of its long-run average total cost curve is everywhere negative. d. the slope of its production function is everywhere negative.
Suppose Mishka buys 15 apples per month her total tax burden from a $3 per apple tax is $100 every month.
A. Her excess burden is $45. B. Her excess burden is $6.67 per apple. C. Her excess burden is greater than her taxes paid. D. Her taxes paid are greater than her tax burden.
A tit-for-tat strategy is one in which oligopolies
A. cooperate almost all of the time, but occasionally do not cooperate in order to fool the antitrust authorities. B. try to avoid the problems of the prisoners' dilemma, but actually make themselves worse off. C. keep cutting prices to punish rivals until the competitive price is reached. D. cooperate as long as other members cooperate, but if anyone cheats, they cut the price until the cheater reverts to cooperation.