Using the above table, what is the marginal utility of the 4th soda?
A. 15
B. 10
C. 23.2
D. 5
Answer: D
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If a rapid disinflation has a lower sacrifice ratio than a slow disinflation, then reducing inflation is best accomplished by
A) gradualism. B) increasing money growth. C) reducing interest rates. D) a cold-turkey approach.
Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product B) the longer the time period being considered C) the smaller the proportion of total costs accounted for by the variable input D) The harder it is for a variable input to be substituted for by other inputs.
A manager invests $400,00 . in a technology to reduce overall costs of production. The company managed to reduce their cost per unit from $2 to $1.85 . Ceteris peribus, if the firm continues its production in the same economic environment, the firms economic profits should
a. increase b. decrease c. stay the same d. increase as long as the investment does not generate implicit costs that are greater than $0.15 per unit
If a profit-maximizing monopolistic competitor earns positive economic profits in the short run: a. demand will become increasingly inelastic as new firms enter. b. the firm should increase its output as new firms enter
c. there must be barriers to entry into the industry. d. new firms will be attracted to the industry. e. both b. and d. are correct.