The quintessential example of substitute goods would be
A. Ramen Noodles for a poor college student.
B. the switching of Granny Smith for Golden Delicious apples.
C. peanut butter and jelly for a young boy or girl.
D. steak for someone who liked beef.
Answer: B
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When the slope of the total revenue curve is equal to the slope of the total cost curve
A) profit is maximized. B) marginal revenue equals marginal cost. C) the marginal cost curve intersects the total average cost curve. D) the total cost curve is at its minimum. E) Both A and B
The marginal rate of technical substitution (RTS) of labor for capital measures:
a. the amount by which capital input can be reduced while holding quantity produced constant when one more unit of labor is used. b. the amount by which labor input can be reduced while holding quantity produced constant when one more unit of capital is used. c. the ratio of total labor to total capital. d. the ratio of total capital to total labor.
Chicken and fish are substitutes. Therefore, the cross elasticity of demand between chicken and fish is
a. negative. b. positive. c. zero. d. Any of the above is possible.
If the amount of time spent procrastinating and the performance on an exam are inversely related, then
A. more procrastination leads to lower exam grades. B. more procrastination leads to higher exam grades. C. a graph with this relationship would be positively sloped. D. the slope of the line reflecting this relationship will be 0.