Suppose that football tickets at your university are given away for free, and that there are still empty seats for all games. Ignoring all other costs of going to the games, you should continue attending until your:
A. Total utility stops increasing
B. Marginal utility begins to diminish
C. Marginal utility stops increasing
D. Total utility reaches zero
A. Total utility stops increasing
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Javier wants to start a microbrewery business and is thinking of setting it up as a sole proprietorship
What are the advantages and disadvantages he will face by setting up the business as a sole proprietorship as opposed to a partnership or a corporation?
Which of the following is true about the production possibilities curve when a technological progress occurs? The curve:
a. shifts inwards to the left. b. becomes flatter at one end and steeper at the other end. c. becomes steeper. d. shifts outward to the right. e. does not change.
Which of the following statements is true?
A. A competitive market economy cannot achieve both productive efficiency and allocative efficiency simultaneously. B. A competitive market can achieve productive efficiency without achieving allocative efficiency. C. A competitive market cannot achieve productive efficiency without also achieving allocative efficiency. D. A competitive market can achieve allocative efficiency without achieving productive efficiency.
Which of the following is (are) characteristics of an isocost curve?
A. The slope shows the rate at which the firm can substitute labor for capital while holding B. total cost constant. C. The slope shows the rate at which the firm can substitute labor for capital in the market. D. If the price of capital is unchanged and the price of labor increases, the intercept of the isocost curve on the horizontal axis will decrease. E. both a and c F. all of the above