The want-satisfying power of a good or service is known as
A. principle of substitution.
B. purchasing power.
C. consumer optimum.
D. utility.
Answer: D
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Refer to the scenario above. Which of the following shifts will increase the total cost?
A) Shift from apartment Close to Far B) Shift from apartment Far to Very Far C) Shift from apartment Very Close to Close D) Shift from apartment Very Far to Extremely Far
One major advantage of the medium of exchange function of money is that it allows society to:
A. use credit cards instead of currency. B. measure the relative worth of products. C. escape the complications of barter. D. transfer purchasing power from the present to the future.
The data points on a supply curve come from
A) survey analysis. B) the same place from which we get the data points on a demand curve. C) the supply schedule. D) companies' annual reports.
Refer to the above figure. Average variable costs are represented by curve
A. 1. B. 2. C. 3. D. 4.