Among the fundamental concepts in economics are
A) marginalism.
B) opportunity cost.
C) efficient markets.
D) all of the above
Ans: D) all of the above
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Fresh orange juice and frozen orange juice are substitutes in production. The price of fresh orange juice rises. As a result, the equilibrium price of frozen orange juice ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) does not change; decreases D) falls; increases E) falls; decreases
If Ep is 2500 and Y is 3000, then companies will
A) reduce orders and production by 500. B) increase orders and production by 500. C) wait for final sales to increase. D) wait for final sales to decrease.
Sam owns a firm that produces tomatoes in a purely competitive market. The firm's demand curve is:
A. upsloping to the right. B. a horizontal line. C. a vertical line. D. downsloping to the right.
In the above table, the average physical product of 2 workers and the marginal product of the 2nd worker is
A. 4; 1. B. 3.5; 4. C. 3.5; 3.5. D. 2; 2.