When you use a service like Facebook for free, it is likely that:
A. the provider is almost invariably a nonprofit company.
B. you are both the customer and the product.
C. you are not the customer; you are the product.
D. the provider is almost never a nonprofit company.
Answer: C
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When the price of a commodity falls, we can expect
A. total utility will fall. B. marginal utility of the last unit purchased will fall. C. marginal utility of the last unit purchased will rise. D. purchases will fall because of a change in marginal utility.
When the price ceiling on eggs is lifted, there is a shortage of eggs in the market
a. True b. False Indicate whether the statement is true or false
________ is the amount offered for sale per period at a particular price, as reflected by a point on a supply curve.
A) Individual supply B) Law of supply C) Supply D) Quantity supplied E) Market supply
Refer to the figure below, which shows marginal benefits (MB) and marginal cost (MC) of activity A:
If the decision maker is choosing 300 units of activity A,
A. if the activity is increased by one unit, net benefits will increase by $20. B. if the activity is decreased by one unit, net benefits will decrease by $20. C. this level maximizes net benefits. D. both b and c E. all of the above