Over coffee in the cafeteria Susan stated that the university should be run like a profit- seeking corporation. Sam correctly pointed out that she had made a ____________ statement, as Professor McSnerd had described in their economics class
a. ceteris paribus conjunctive
b. normative
c. macroeconomic
d. positive
e. microeconomic
B
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A profit maximizing price taker will produce at a level where
a. the wage equals the marginal product of labor. b. the marginal revenue product of labor equals the price of their output. c. the wage rate equals the price of their output. d. the marginal revenue product of labor equals the wage rate.
A t-shirt maker would be willing to supply 75 t-shirts per day at a price of $18.00 each. At a price of $20.00, the t-shirt maker would be willing to supply 100 t-shirts. Using the midpoint method, the price elasticity of supply for t-shirts is about
a. 0.37, and supply is elastic. b. 0.37, and supply is inelastic. c. 2.71, and supply is elastic. d. 2.71, and supply is inelastic.
______ is what customers are WILLING to pay for marginal benefit of a product
A. Equibrium B. Price C. Value D. Utility
[MPC - MPM] equals the marginal propensity to
A. consume domestic goods. B. export. C. import. D. save.