If the firm produces one more unit of output and total cost rises from $1,000 to $1,050, marginal cost is
a. $1,050.
b. $1,000.
c. $2,050.
d. $50.
d. $50.
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Refer to Table 10-3. The table above shows Lee's marginal utility from consuming ice cream cones and cans of Lime Fizz Soda. Select the phrase that completes the following statement
"We can determine the number of ice cream cones and cans of Lime Fizz Soda Lee should consume to maximize his utility A) if we know the values of the marginal utility per dollar for ice cream cones and Lime Fizz Soda." B) by adding up the marginal utilities for ice cream cones and Lime Fizz Soda." C) if we know what Lee's income is." D) if we know what Lee's income is and the price of an ice cream cone and the price of a can of Lime Fizz Soda."
Suppose you own $15,000 of personal property, $5,000 of stock in ABC Corporation, a $1,000 certificate of deposit, and $10,000 of government bonds. If ABC goes bankrupt, the most you could lose is
A) $31,000. B) $26,000. C) $15,000. D) $5,000.
In common value auctions
a. Bidder do not know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item differs across bidders
Why are high-power couples (i.e., both people have at least a college degree) more likely to migrate to large urban areas compared to low-power couples (i.e., neither person has a college degree)?
A. Urban areas offer more college opportunities and at a lower price than typical rural areas. B. High-power couples are not very willing to move after college. C. Urban areas offer a greater array of job opportunities and wages for educated people compared to rural areas and, therefore, living in an urban area reduces the likelihood of someone in a high-power couple being a tied-mover or tied-stayer. D. Low-power couples cannot afford the costs associated with moving to an urban area. E. There are very few low-skill jobs in urban areas.