Refer to the information provided in Figure 6.14 below to answer the question(s) that follow.
Figure 6.14Refer to Figure 6.14. The slope of the indifference curve is the ratio of the
A. total utility of ice cream cones to the total utility of ice cream sandwiches.
B. total utility of ice cream sandwiches to the total utility of ice cream cones.
C. marginal utility of ice cream cones to the marginal utility of ice cream sandwiches.
D. marginal utility of ice cream sandwiches to the marginal utility of ice cream cones.
Answer: C
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The process in which economic growth destabilizes existing regimes and reduces the political power of rulers and monarchs is referred to as:
A) institutional destruction. B) polarization. C) division of powers. D) political creative destruction.
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket rises from $20 to $38
A) only three tickets will be sold. B) no one will buy a ticket. C) consumer surplus decreases from $62 to $12. D) consumer surplus increases from $88 to $142.
If the market price is $5 and a perfectly competitive firm is producing 1,200 units and the marginal cost to produce the 1,200th unit is $4.53, which of the following is true?
A) The difference between marginal revenue and marginal cost (MR - MC) for the 1,200th unit is positive. B) The firm is maximizing profit. C) The firm should decrease production to maximize profit. D) The difference between marginal revenue and marginal cost (MR - MC) for the 1,200th unit is negative.
How is the market for gasoline affected if the excise tax on gasoline is reduced?
A) The supply of gasoline decreases. B) The supply of gasoline increases. C) The equilibrium quantity of gasoline decreases. D) The equilibrium price of gasoline increases.