A key theme fundamental to all of economics is:
A) there are limited wants.
B) we are a rich country but are simply not aware of it.
C) people have unlimited wants facing limited means to satisfy them.
D) there are unlimited resources.
Ans: C) people have unlimited wants facing limited means to satisfy them.
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The firm in the figure above is ________ that is equal to ________
A) making an economic profit; $5.14 × 7 B) making an economic profit; $3.00 × 7 C) incurring an economic loss; $5.14 × 7 D) incurring an economic loss; ($5.14 - $3.00 ) × 7 E) making an economic profit; ($5.14 - $3.00 ) × 7
If the price of butter increases, the demand for margarine
A) will be unchanged. B) will shift outward. C) will shift inward. D) will kink into an S-curve.
When income rises, total expenditures remain constant
a. True b. False Indicate whether the statement is true or false
The ability of a monopoly to charge a price that exceeds marginal cost depends on
A) the price elasticity of supply. B) price elasticity of demand. C) slope of the demand curve. D) shape of the marginal cost curve.