Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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Sears and Wal-Mart must decide whether to lower their prices, based on the economic profits shown in the table above. Which of the following is TRUE?
A) This situation is not a prisoners' dilemma. B) If Sears lowers its prices and Wal-Mart does not, Sears will make a $20 million economic profit. C) If Wal-Mart lowers its prices, Sears should keep its prices high. D) Both Sears and Wal-Mart would jointly be better off if they could each keep their prices high.
Which of the following would cause the labor demand curve to shift to the right?
A) a decrease in demand for the product the labor is used to produce B) an increase in labor productivity C) a decrease in the price of a complimentary resource D) all of the above
The Kahneman-Tversky value function is
A. risk-averse in gains and losses. B. risk-neutral in gains and losses. C. risk-averse in gains, risk-seeking in losses. D. risk-seeking in gains, risk-averse in losses.
Which of the following is true of the demand curves shown below?
A. All of them have constant price elasticity. B. Curves (1) and (3) have constant price elasticity. C. None of them have constant price elasticity. D. Curves (2) and (3) have constant price elasticity.