Refer to Figure 4.7. You should definitely ask for points if you believe that ________ of your classmates have asked for points
A) five or fewer
B) less than five
C) six or more
D) more than six
B
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Suppose a market produces 5,000 tons of wheat. At this quantity, the marginal cost exceeds the marginal benefit. This outcome could be the result of
A) a quantity regulation limiting the amount that can be produced. B) a monopoly. C) a subsidy. D) an external benefit. E) producing a public good.
The 45-degree line equates the level of income measured on the horizontal axis to the level of consumption plus saving measured on the vertical axis
Indicate whether the statement is true or false
Which of the following is the correct formula for the marginal propensity to consume?
A. MPC = 1 ÷ (1 - MP B. MPC = (total consumption) ÷ (total disposable income). C. MPC = 1 - MPS. D. MPC = (change in consumption) + (change in disposable income).
A price discriminating pure monopolist will attempt to charge each buyer (or group of buyers):
A. different prices to compensate for differences in the characteristics of the product. B. the same price if per unit cost is constant for each unit of the product. C. that price that equals the buyer's marginal cost. D. the maximum price each would be willing to pay.