Refer to Scenario 5.4. What is the deviation of outcome A?
A) 30
B) 50
C) 75
D) 100
C
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Which of the following is NOT one of the functions of money?
A) protection from increases in prices of goods and services B) store of value C) medium of exchange D) unit of accounting
If a city suddenly and unexpectedly abolishes all property taxes on residential property, which consequence is most likely to be observed first?
A) Higher rents for residential space B) Higher sale prices for residential property C) Lower rents for residential space D) Lower sale prices for residential property E) More conversion of apartments to condominiums
A firm's decision to expand the size of its production facility would be considered a short-run decision so long as the expansion can be completed in less than a year
Indicate whether the statement is true or false
The slope of an indifference curve is equal to the ratio of the ____ of the good on the horizontal axis to the ____ of the good on the vertical axis
a. marginal utility (MU); marginal utility (MU) b. total utility (TU); total utility (TU) c. marginal product (MP); marginal product (MP) d. price (P); total utility (TU)