Refer to Figure 4-1. If the market price is $3.50, what is Kendra's consumer surplus?
A) $9.00 B) $7.50 C) $3.50 D) $0
D
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The optimal purchase rule is stated as
A. TU = MU. B. MU = P. C. TU = P. D. MU = 0.
When demand is inelastic,
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
An asset market is said to experience a speculative bubble when
a. the price of the asset rises above what appears to be its fundamental value. b. the price of the asset appears to follow a random walk. c. the market cannot establish an equilibrium price for the asset. d. the asset is a natural resource and its supply is manipulated by foreign nations and foreign firms.
If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then ________ has a(n) ________ advantage in producing shoes.
A. Jane; comparative B. Bob; absolute C. Bob; comparative D. Jane; absolute