Refer to the accompanying figure. The marginal utility of the 6th pizza is:
A. 17.5
B. 100
C. 95
D. 5
Answer: D
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How does economies of scale improve second-degree price discrimination?
A. Firms have increasing opportunity costs and therefore must sell more goods at higher prices to make up the extra costs. B. ATC decreases and then increases which affects the cost to firms. C. People have increasing marginal benefit as ATC decreases. D. ATC decreases as output increases which allows a firm to charge lower prices at different output levels.
When the nominal rate of interest and the rate of inflation are the same, the real interest rate is zero
Indicate whether the statement is true or false
When the quantity of money demanded is greater than the quantity of money supplied, people ________ bonds and the interest rate ________
A) sell; rises B) sell; falls C) buy; rises D) buy; falls
Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 50 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.