Composites of stock prices
a. are completely random and unpredictable.
b. fluctuate randomly around a rising trend.
c. are destabilized by speculations.
d. show no trend, but fluctuate widely.
b
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Suppose a restaurant is trying to determine how much to charge for a bowl of chili, and decides to run an experiment to see how much its customers are willing to pay by allowing them to set their own price for this menu item
a. Is charging a customer the price he or she is willing to pay for the bowl of chili an example of price discrimination? Briefly explain. b. What is it called when a firm knows every consumer's willingness to pay, and can charge every consumer a different price? What happens to consumer surplus in this situation?
For a perfectly competitive firm, the short-run supply curve has an output level that is
A. determined by the lowest point on the average total cost curve. B. determined by the point at which marginal cost equals marginal revenue. C. determined by the lowest point on the average variable cost curve. D. determined by the point at which average variable cost intersects the average total cost curve.
Two key properties of indifference curves are that an indifference curve slopes
A) upward and is bowed out from the origin. B) downward and is bowed out from the origin. C) upward and is bowed in toward the origin. D) downward and is bowed in toward the origin.
A model (or theory):
a. is a general statement about the causal relationship between variables based on facts. b. helps explain and predict the relationship between variables. c. when expressed as a downward (negatively) sloping graph implies an inverse relationship between the variables. d. all of these.