?
Assume that Figure 4-4 shows demand for skirt steak, which is used to make fajitas. A decrease in the price of tortillas will change demand from
A. D1to D2.
B. D2to D1
C. D3to D2.
D. D3to D1.
Answer: A
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If the price of good A falls, it will: a. increase a consumer's total utility from the consumption of that good
b. increase a consumer's marginal utility from consuming the last unit of that good. c. decrease a consumer's marginal utility from consuming the last unit of that good. d. do both (a) and (c).
Which of the following does not hold true for a perfectly competitive firm in long-run equilibrium?
A) Its economic profit will be zero. B) It will minimize average total cost. C) It will charge a price equal to marginal cost. D) Marginal cost will be minimized.
If the demand for hamburgers increases, it is likely that the demand for fast-food employees will
A. increase. B. decrease. C. increase at first but then fall rapidly. D. stay the same.
If the number of people classified as unemployed is 20,000 and the number of people classified as employed is 400,000, what is the unemployment rate?
A. 2.0% B. 4.8% C. 5.0% D. 9.2%