The above figure shows Jane's budget line and two of her indifference curves. When Jane is consuming at her best affordable point, what is her marginal rate of substitution?
A) 2.0 lobster dinners per steak dinner
B) 1.0 lobster dinners per steak dinner
C) 0.5 lobster dinners per steak dinner
D) 0.33 lobster dinners per steak dinner
C
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According to the text, the AT&T corporation was deregulated primarily by
a. requiring that competing companies have access to AT&T's facilities b. declaring AT&T the legitimate monopoly of telephone service in the United States c. creating a special Telephone Advisory Commission d. ending all government regulations regarding the domestic telephone industry e. requiring AT&T to share patents with competitors
If the local slaughterhouse gives off an unpleasant stench, then the equilibrium quantity of meat will be ________ the quantity that maximizes total economic surplus.
A. more equitable B. lower than C. higher than D. equal to
A firm will continue hiring labor as long as the MRP of labor ________ the market wage rate.
A. is greater than or equal to B. determines C. is less than D. is equal to
Average variable cost can be calculated using any of the formulas below except
A) TVC/Q. B) (TC - FC)/Q. C) ?(TC - FC)/?Q. D) (TC/Q) - AFC.