If a farmer sells 15 bushels of barley a day for $6 a bushel, his total revenue is ______.
a. $2.5
b. $9
c. $21
d. $90
d. $90
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What's the Easterlin Paradox -- and in what sense does it suggest reference-dependent preferences?
What will be an ideal response?
If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is
A) a neutral good. B) a necessity. C) a normal good. D) a complement.
Assume that consumption spending is equal to $600, government spending is $100 billion, and GDP is $800 billion. If net exports are equal to zero, investment spending must be
A) $700 billion. B) $600 billion. C) $500 billion. D) $100 billion.
For a monopolist,
a. marginal revenue and price are constant as quantity increases b. marginal revenue falls but price is constant as quantity increases c. marginal revenue is constant but price falls as quantity increases d. both marginal revenue and price fall as quantity increases, but price falls faster e. both marginal revenue and price fall as quantity increases, but marginal revenue falls faster