What is the total utility of five cans of soda?Cans of SodaTotal utilityMarginal utility114 2 12336 444 5 6
A. 50
B. 6
C. 44
D. 8
Answer: A
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Price fixing tends to result in ________ prices and ________ society's wealth
A) higher; increases B) higher; reduces C) lower; increases D) lower; reduces
In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?
A) It shifted down. B) It became flatter. C) It shifted up. D) It became linear.
Consider a monopolistic competitor who earns high profits in the short run. Which of the following changes will be observed in the demand curve faced by this firm in the long run?
a. The demand curve will become vertical. b. The demand curve will become steeper. c. The demand curve will become flatter. d. The demand curve will slope upward.
If there is a shortage of loanable funds, then
a. the quantity of loanable funds demanded is greater than the quantity of loanable funds supplied and the interest rate is above equilibrium. b. the quantity of loanable funds demanded is greater than the quantity of loanable funds supplied and the interest rate is below equilibrium. c. the quantity of loanable funds supplied is greater than the quantity of loanable funds demanded and the interest rate is above equilibrium. d. the quantity of loanable funds supplied is greater than the quantity of loanable funds demanded and the interest rate is below equilibrium.