The marginal cost of an airline ticket is the total cost of operating a flight divided by the number of passengers who buy tickets.
Answer the following statement true (T) or false (F)
False
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If marginal profit is zero, then total profit is at a maximum.
Answer the following statement true (T) or false (F)
If consumer income and prices increase by the same percentage,
A) the consumer will buy more of both goods. B) the consumer will buy more of both goods if they are both normal goods. C) the consumer will buy less of both goods if they are both inferior goods. D) the consumer's utility maximizing bundle stays the same.
Which of the following variables is left out of the simple economic model of the firm?
a. the marginal cost of production b. consumer tastes and preferences c. the fact that many firms actually earn profits d. the entrepreneurial decision-making process
In Figure 35.1, if rents are uncontrolled, then the amount that renters will want will be 
Figure 35.1
A. Q*. B. Q'. C. 0. D. Q".