The price of house paint, a normal good, has gone up. This change can be shown graphically as a:
A. movement along the demand curve to the left.
B. shift in the demand curve to the left.
C. shift in the demand curve to the right.
D. movement along the demand curve to the right.
Answer: A
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A change in a marginal benefit or cost will
A) increase consumption. B) decrease production. C) cause an individual to make a rational choice. D) increase sunk costs. E) change incentives.
Based on the above production data table for Ken's Pizza Parlor, we know that the average product of labor curve begins to decrease after hiring worker ________
A) 1 B) 2 C) 3 D) 4
Refer to the payoff matrix below. If each cell has a probability of occurrence of 0.25, what are Happy Campers' expected profits?
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) $10.50
B) $11.25
C) $6.75
D) $7.25
Why are so few state chartered banks members of the Federal Reserve System?
What will be an ideal response?