The figure above shows the market for iPods. Which of the following creates a movement from point A to point B?
A) a decrease in the price of Zunes, a substitute for iPods
B) a requirement that all students at universities have an iPod
C) a decrease in the price of iPods
D) an increase in the price of iPods
E) an increase in people's incomes
C
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Economists predict that the __________ the cost of shirking to an individual, the __________ shirking that individual will undertake, ceteris paribus.
A) lower; less B) higher; less C) lower; more D) higher; more E) b and c
Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of raising another 100 cows?
A) 5.0 tons of potatoes B) 3.0 tons of potatoes C) 1.25 tons of potatoes D) 100 cows E) 1.0 ton of potatoes
Being on the PPF implies that increasing the production of one good or service can only be accomplished by decreasing the quantity produced of another good or service
a. True b. False Indicate whether the statement is true or false
This profit-maximizing (loss-minimizing) firm produces a quantity of about _______ units.
A. 100
B. 80
C. 50
D. 30