Refer to Figure 3-13. Suppose Peru decides to increase its production of rubies by 30. What is the opportunity cost of this decision?
a. 1/8 emerald
b. 1/3 emerald
c. 1 emerald
d. 3 emeralds
c. 1 emerald
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When tastes are risk averse, an individual will always choose less risk over more risk.
Answer the following statement true (T) or false (F)
Lizzie's budget line is shown in the figure above. If the price of a cookie falls, the budget line
A) shifts rightward and its slope does not change. B) shifts leftward and its slope does not change. C) becomes flatter. D) becomes steeper.
If the monopoly illustrated in the figure above could engage in perfect price discrimination, then when it maximizes its profit the total revenue collected by the firm would be
A) $110. B) $120. C) $210. D) $310.
If a person's indifference curves can be represented as a straight line, the person views the goods as
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)