Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles of juice. If the price of an apple increases, then Jill's budget line would
A) not change.
B) shift towards the origin on the apples axis only.
C) shift towards the origin on both the apples and bottles of juice axes.
D) shift away from the origin on the bottles of juice axis only.
B
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Which of the following is likely to lead to an increase in the quantity supplied of steel?
A) An expected increase in the demand for steel in the future B) A rise in the market price of steel C) A fall in the wage rate of labor employed in the steel industry D) An increase in the productivity of capital due to technological innovation
The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Now Ronald's income decreases to $10 per week and the price of a hotdog doubles
Ronald's budget line becomes ________ and ________. A) flatter; shifts rightward B) flatter; does not shift C) steeper; shifts rightward D) steeper; shifts leftward
What is the efficient quantity of snowboards in the above figure?
A) 0 B) 100 C) 200 D) 500
Suppose the extra cost for a company to advertize for one extra day each week on a local TV station is $1,500. Then, the company should advertize on that additional day if it can generate total revenue of $1,500 each week
Indicate whether the statement is true or false