Economics is a study of
A. how to run a business successfully.
B. personal finance.
C. how to make money in the stock market.
D. the allocation of scarce resources.
Answer: D
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Bob is planning to sell his home. In preparation for the sale, he paints all of the ceilings in his house to cover up water stains from his leaking roof so that potential buyers will be unaware of this problem. This is an example of
a. moral hazard. b. screening. c. adverse selection. d. the principal-agent problem.
Profit per unit can be expressed as price ? cost per unit.
Answer the following statement true (T) or false (F)
Marginal revenue is equal to:
A. the change in total revenue from selling one more unit of a good. B. the number of units sold times the price of the good. C. the change in average revenue from selling one more unit of a good. D. All of these.
A firm's short-run supply curve is its marginal cost curve above its average total cost curve.
Answer the following statement true (T) or false (F)