What is Wendy’s opportunity cost to produce 3 yards of cloth?
a. 6 pounds of food
b. 4 pounds of food
c. 2 pounds of food
d. 1 pound of food
a. 6 pounds of food
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A consumer is in equilibrium, that is, a consumer is maximizing her utility when marginal utility and price are equal for each of the goods the consumer purchases
Indicate whether the statement is true or false
Which of the following is an assumption of theory of consumer behavior described in this chapter?
A. The consumer's income increases as prices of goods increase B. Each good that a consumer consumes has a price C. The consumer oftentimes is not sure about her preferences D. Marginal utility increases as more units of a good is consumed
A decrease in the demand for beef because of concerns over cholesterol results in
A) lower beef prices. B) higher beef prices. C) an increase in the supply of beef. D) an offsetting increase in the demand for beef if the price of beef falls.
The short run is that period during which there are no fixed commitments.
Answer the following statement true (T) or false (F)