The formula for MC is
A) TVC/q.
B) q/TVC.
C) ?TVC/q.
D) ?TVC/?q.
D) ?TVC/?q.
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The matching function captures the idea that
A) consumers have to be paid to work. B) supply and demand for labor determine the market wage. C) it is costly and time-consuming to get firms and workers together to produce output. D) firms are profit-maximizing.
The government will have to subsidize a natural monopoly in the long run if regulators choose to pursue:
a. marginal cost pricing b. fair-return pricing. c. per se pricing.
By far the largest category of goods and services in the CPI basket is
a. housing. b. transportation. c. education & communication. d. food & beverages.
Jim Range has to choose between buying more soda or more pasta for the week. He has a fixed income and he knows the prices of both products. Using indifference curves and budget constraints, illustrate the amount of soda and pasta that Jim will purchase. When he gets to the store, he finds that the price of soda has fallen dramatically. How does this change his optimal purchase? Can a general rule of human behavior be developed from this graphical example?
What will be an ideal response?