A technological improvement in producing good A would be a shift in the:
a. supply curve for A to the right. b. supply curve for A to the left.
c. demand curve for A to the right. d. demand curve for A to the left.
a
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Making a choice at the margin means
A) letting someone else choose for you. B) waiting until the last minute to make a choice. C) deciding to do a little bit more or a little bit less of an activity. D) making a choice by comparing the total benefit and the total cost.
Suppose a smoker wants to quit smoking. The utility that he gets from smoking a cigarette now is 6 utils but, in the long run, that cigarette will generate undiscounted health problems of 10 utils (e.g., an elevated risk of lung cancer)
Use the concept of discounting to explain why impatient smokers may not quit smoking even though the undiscounted net utility of smoking is negative.
Private property was argued to be inappropriate by Marxists due to its distribution from those "who have" to those "who will have" in a fashion creating a class to itself
Indicate whether the statement is true or false
The current demand for automobiles would decrease if
a. the price of gasoline fell. b. consumer income rose. c. consumers suddenly believed the price of automobiles would be sharply lower in the near future. d. consumers suddenly believed the price of automobiles would be sharply higher in the near future.