(Consider This) In 2013, McDonald's introduced Fish McBites, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of
What will be an ideal response?
consumer sovereignty.
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Economic models
a. are always based on realistic assumptions. b. usually predict perfectly. c. can never be tested with real world data. d. are used to describe cause-and-effect relationships. e. are too simple to be of much use.
Bob Toshida has the demand schedule for dress shirts shown in the table below.
A) His total utility from three shirts would be _____.
B) His marginal utility from the fourth shirt would be _____.
C) If the price were $3, his consumer surplus would be _____.
Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a gallon of wine in France is
A. 0.5 pound of beef. B. 0.33 pound of beef. C. 2 pounds of beef. D. 3 pounds of beef.
A change in relative factor prices will always result in
A) a change in the slope of the isoquants. B) a tangency between the new isocost line and a new isoquant. C) a rotation of the isocost lines. D) All of the above.