Whenever a firm uses input X but not input Y, then at the chosen input combination:
A. MRTSXY ? PX/PY.
B. MRTSXY ? PX/PY.
C. MRTSXY = PX/PY.
D. MRTSXY = -PX/PY.
A. MRTSXY ? PX/PY.
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An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision
The second development was that the companies renting eye-surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments A) decreased demand and increased supply resulting in an increase in both the equilibrium quantity and the equilibrium price of laser eye surgeries. B) decreased demand and increased supply, resulting in a decrease in both the equilibrium price and the equilibrium quantity of laser eye surgeries. C) decreased demand and decreased supply, resulting in a decrease in the equilibrium quantity and an increase in the equilibrium price of laser eye surgeries. D) decreased demand and increased supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of laser eye surgeries.
The basic principle that a country should treat imports from all other countries the same way is
a. quantitative restriction b. export orientation c. most favored nation d. free-trade area e. none of the above
Which of the following is an instrument of monetary policy?
A) The interest rate on three-month Treasury bills B) The mortgage interest rate C) The discount rate D) The budget deficit
Installing software to limit screen time, forcing you to uninstall it every time you reach the limit, is an example of:
A. a commitment device. B. increasing the cost of a vice. C. can be explained through behavioral economics. D. All of these are true.