Suppose Sam's Shoe Co. makes only one kind of shoe, which sells for $50 a pair. If they sold 500,000 pairs of shoes, then their total revenue would be:
A. $2,500,000.
B. $10,000.
C. $25,000,000.
D. Cannot answer this question without knowing the cost per pair.
Answer: C
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The figure above shows a monopoly firm's demand curve. At point t
A) demand is elastic. B) demand is unit elastic. C) demand is inelastic. D) total revenue is at a minimum.
Will and Grace have adjoining unfenced back yards and each has just adopted a new puppy. Will values a fence between their yards at $250 and Grace values a fence between their yards at $200. The cost of building the fence is $300, which will be split equally if they both agree to build the fence. Therefore, their payoff matrix is as follows. 
This game is a(n) ________ because ________.
A. example of logrolling; both neighbors need to cooperate to provide the good. B. prisoner's dilemma; by playing their dominant strategy, both Will and Grace do worse than if they had both played their dominated strategy. C. inequitable situation; Grace does not value a fence as highly as does Will. D. tragedy of the commons; the backyard is treated as a common area by the puppies.
At consumer equilibrium, the marginal utility of one dollar’s worth of any good is equal to ______.
a. one b. the total utility of all other goods combined. c. the marginal utility of one dollar’s worth of any other good d. zero
Isabel noted that whenever she wore her green contact lenses, the Chicago White Sox would win that evening. Based on this observation, she developed the "green-eyes-for-White-Sox" theory of winning. It is most likely true that Isabel
A. committed the fallacy of logic. B. committed the ceteris paribus error. C. showed good reasoning for the reason the White Sox would win. D. was confusing causality.