Along a demand curve, product price and consumer surplus are inversely related.
a. true
b. false
Answer: a. true
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If a consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S, we know that
A) the consumer's income is 250. B) the price of shelter is 5. C) the price of shelter is 5 times the price of food. D) All of the above.
Refer to Scenario 10.9. What is the profit maximizing level of output?
A) 0 B) 30 C) 45 D) 60 E) none of the above
Which answer ranks the elasticities of supply from highest to lowest?
a. market-day, short-run, long-run b. short-run, long-run, market-day c. long-run, short-run, market-day d. short-run, market-day, long-run e. long-run, market-day, short-run
Opportunity cost cannot be measured in money terms, only in conceptual terms
a. True b. False Indicate whether the statement is true or false