Which is not a factor that makes cognitive mistakes more likely?
a. uncertainty.
b. time pressure.
c. repetition.
d. large number of choices.
c
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The average product of labor is equal to the
A) total product divided by the total number of workers hired. B) total number of workers hired divided by the total product. C) slope of the marginal product of labor curve. D) Both answers B and C are correct.
Pam sees that the price of bananas has risen in the grocery store. All else equal, she decides to buy more tangerines than she normally purchases. From the information given, you might conclude that:
A. tangerines and bananas are substitutes. B. bananas are a luxury good. C. tangerines are an inferior good. D. tangerines and bananas are complements.
Refer to the table. In relation to column (3), a change from column (5) to column (4) would indicate a(n):
A. increase in demand.
B. decrease in demand.
C. increase in supply.
D. decrease in supply.
Suppose a consumer purchases pizza and soft drinks. If pizza is measured on the vertical axis and soft drinks are measured on the horizontal axis, then the slope of the budget line is equal to:
A. the price of pizza divided by the price of soft drinks. B. the price of soft drinks divided by the price of pizza. C. the price of pizza divided by the price of soft drinks times negative one. D. the price of soft drinks divided by the price of pizza times negative one.