A firm that exits its market has to pay
a. its variable costs but not its fixed costs.
b. its fixed costs but not its variable costs.
c. both its variable costs and its fixed costs.
d. neither its variable costs nor its fixed costs.
d
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If demand for a seller's product is elastic, a price increase will decrease total revenue
a. True b. False Indicate whether the statement is true or false
Juanita is preparing to study for her economics final exam. She tells her friend that she will be happy if she just gets a B, even though she could likely earn an A if she studied harder. Juanita is what Herbert Simon would call a
a. rational maximizer. b. satisficer. c. homo economicus. d. screener.
A market in which a single firm hires labor, but workers compete against one another for jobs, is a bilateral monopoly.
Answer the following statement true (T) or false (F)
When quantities of two goods belong to the same indifference curve, which of the following is true?
A. The combinations of the two goods along the indifference curve yield the same total utility. B. Prices of the two goods are equal. C. Marginal utilities of both goods are equal. D. The total utility of all combinations above the curve equal zero.