Robert's demand curve for pizza:
A. shows the quantity of pizza that Robert consumes as his income changes.
B. assumes that the only variables that change are the price of pizza and the quantity of pizza demanded by Robert.
C. makes no assumptions about Robert's income.
D. assumes that the only variable that changes is Robert's preference for pizza.
Answer: B
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Suppose the price of coffee is $3 each, the price of bagels is $2 each and a person's budget is $40. The relative price of coffee is
A) 1.5 bagels. B) 2/3 of a bagel. C) 13.33 bagels. D) 20 bagels.
Consider a perfectly competitive firm for which MC equals ATC at the $10 level. If the market price is $10,
a. the firm can earn an economic profit. b. the firm will suffer an economic loss but should operate in the short run. c. the best the firm can do is to break even. d. the firm should shut down in the short run.
A network externality occurs when
A) the usefulness of a good is affected by celebrities who use the good.
B) there is production cost savings from being networked with buyers.
C) the usefulness of a good is affected by how many other people use the good.
D) there is production cost savings from being networked with suppliers.
U.S. currency continues to be backed by the gold standard to this day
Indicate whether the statement is true or false