Refer to the accompanying figure. If this restaurant makes 75 salads in one hour, then what's the maximum number of pizzas it can make in that same hour?
A. 20
B. 0
C. 10
D. 30
Answer: D
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Herbert Simon suggested that people are not rational maximizers but satisficers, meaning that they choose a course of action that is
a. personally satisfying, with a greater emphasis on personal consumption than on fairness. b. socially satisfying, with a greater emphasis on fairness than on personal consumption. c. good enough. d. risk averse.
Which of the following does not contribute to economic freedom?
A.Government regulation of production processes. B. Government enforced property rights. C. Government enforced legal rights. D. Government established political rights.
A consumer satisfies the condition ________ when her indifference curve is just tangent to her budget constraint.
A. MUx/Px = MUy/Py B. TUx = TUy C. MUx = MUy D. TUx/Px = TUy/Py
Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. When Interlace maximizes its profit, the deadweight loss is
A) zero. B) $15,000. C) $21,000. D) $3,000.