Using Figure 1.7, we know the production of 10 units of soda and 1 unit of pizza is 
A. possible, but only if all resources were fully employed.
B. impossible because we have the resources but do not have the technology.
C. impossible because we have the technology but do not have the resources.
D. possible, but there would be unemployed resources.
Answer: A
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A perfectly competitive firm's total revenue curve
a. is a horizontal line b. is a vertical line c. is constant d. has a negative slope e. has a constant positive slope
A consumer's budget constraint is determined by:
A. a consumer's income. B. a consumer's income and preferences. C. a consumer's income and the prices of the goods she buys. D. a consumer's preferences and the prices of the goods she buys.
Answer the following questions true (T) or false (F)
1. A decrease in liabilities will reduce a firm's accounting profit. 2. Economic profit is the difference between a firm's revenue and its opportunity costs. 3. An increase in liabilities will reduce a firm's net worth.
People scalping tickets for the Super Bowl will be successful at selling the tickets for a profit
A. any time the Super Bowl is popular. B. when the price set by the National Football League is less than the market equilibrium price. C. when prices are too high. D. only when there is excess supply.