The typical total profit graphical presentation is shown as
A. a square.
B. a rectangle.
C. a hill, or mound.
D. an S curve.
Answer: C
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Tony spends $36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are $4 per dozen and peanut butter cookies are $3 per dozen
How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?
Marginal propensity to consume (MPC) is the fraction of extra income that a household spends on consumption.
Answer the following statement true (T) or false (F)
Which of the following statements is TRUE of static tax analysis?
A. A government cannot change it tax revenues by changing the tax rate. B. A government receives lower tax revenues by raising the tax rate. C. A change in the tax rate can raise or lower tax revenues, depending on other factors. D. A government receives higher tax revenues by raising the tax rate.
Microeconomics is concerned with
A. individual prices. B. price level stability. C. economic growth. D. unemployment.