Which of the following economic explanations describes "cabin fever"?
a. The marginal utility of winter is greater than zero.
b. Each additional cold day brings more disutility.
c. The law of increasing marginal utility as applied to cabins.
d. Spending winter in a cabin is a normal good.
e. Each additional cold day brings more utility.
B
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A decrease in the interest rates in a country:
A) increases net exports. B) does not affect net exports. C) reduces net exports. D) results in an inflow of capital to the country.
Refer to Figure 12-9. Identify the short-run shut down point for the firm
A) a B) b C) c D) d
Many theme parks charge an entrance fee and a per-ride fee equal to zero. This is an example of
A) bundling. B) a two-tier tariff. C) multimarket price discrimination. D) perfect price discrimination.
The demand curve for labor of a monopolist
A) is horizontal even though the demand curve for labor for a competitive firm is downward sloping. B) slopes down for the same reason as the demand curve for labor of a perfectly competitive firm. C) slopes down because of the law of diminishing marginal product and because the monopolist must lower prices to sell additional units of the good. D) slopes upward because monopolists use more capital than do perfectly competitive firms.