In the above table, what is the average total cost to produce 4 units of output?
A. $20
B. $55
C. $60
D. $30
Answer: B
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We measure the marginal ________ of a good by what a ________ for another unit of the good
A) benefit; person must pay B) cost; person is willing to pay C) benefit; person is willing to pay D) cost; person's preferences are
The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the total surplus?
A) $0 B) $12,000 C) $24,000 D) $16,000
The supply curve does not:
A. represents producers' willingness and ability to sell. B. show the minimum price producers will accept for any given quantity. C. visually display the supply schedule. D. illustrate how consumers want to purchase goods and services.
Julie works at a local hat factory for $12 an hour and typically works 40 hours a week. The company threatens layoffs, so Julie and the others agree to a pay cut. Julie now earns $10 an hour and works every hour over 40 that her boss will let her. Julie's response to this pay cut was to work:
A. more, demonstrating a dominant income effect. B. more, demonstrating a dominant price effect. C. less, demonstrating a dominant income effect. D. less, demonstrating a dominant price effect.