Which of the following is most consistent with economizing behavior?
a. If you derive the same satisfaction from eating pizza and eating ice cream, it makes no difference which one of the two you choose.
b. Before voting, you should invest the time and energy to become fully informed on all of the issues and candidates.
c. It never makes sense to hire someone to do something for you that you could do yourself.
d. If you get the same satisfaction from a chicken sandwich and a salad, you should purchase the one that costs the least.
D
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If an increase in the level of the money supply results in a proportionate increase in prices with no effect on any real variables, we say that
A) the Fisher relationship holds. B) money is neutral. C) money is superneutral. D) money is the most preferred store of value.
The Do-Good Company produces goods that provide benefits to society-at-large. If consumers of Do-Good's products fail to take external benefits into account
A) the demand curve will be too far to the left. B) the supply curve will be too far to the left. C) the demand curve will be too far to the right. D) the supply curve will be too far to the right.
How is the short-run supply curve of a perfectly competitive market different from the long-run supply curve?
When the average total cost curves for firms are unaffected by the entry of other firms,
a. it is an increasing-cost industry b. it is a decreasing-cost industry c. the market's equilibrium price will eventually be restored after the market demand increases d. firms will charge a higher price when demand rises e. the long-run supply curve is positively sloped