If the shopkeeper goes first and quotes a low price, what is the best response of the customer?
a. Accept the low price happily
b. Walk away from the deal
c. Slam the storeowner's door on the way out
d. Laugh at the storeowner
a
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Refer to the scenario above. Which of the following combinations lie below Jack's production possibilities curve?
A) 10 paintings and 6 sculptures B) 5 paintings and 1 sculpture C) 10 paintings only D) 10 sculptures only
The upward slope of the supply curve reflects the:
A. law of supply. B. principle of specialization in production. C. fact that price and quantity supplied are inversely related. D. law of diminishing marginal utility.
Katie has decided that she would enjoy eating another cupcake. Which of the following statements is consistent with Katie's decision?
A. Katie's marginal utility has decreased but it is unclear what has happened to total utility. B. Katie's total utility has increased but it is unclear what has happened to her marginal utility. C. Katie's marginal utility has decreased with a corresponding decrease in total utility. D. Katie's marginal and total utility remain unchanged.
The aggregate demand curve illustrates the relationship between ________ and the ________, holding constant all other factors that affect aggregate expenditure
A) the inflation rate; quantity of planned aggregate expenditure B) the price level; quantity of consumption expenditure C) the price level; quantity of planned aggregate expenditure D) the price level; quantity of planned investment expenditure