The study of individual choice and its implications for the behavior of prices and quantities in individual markets is:
A. the Scarcity Principle.
B. macroeconomics.
C. a normative economic principle.
D. microeconomics.
Answer: D
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If your cumulative Grade Point Average (GPA) after two years of college is 3.0, and your grades for the current semester average 3.5, what will happen to your cumulative GPA? Explain the similarity of this example to the case of marginal cost and average cost.
What will be an ideal response?
A decrease in the interest rate will_____.
a. increase the quantity of money supplied in the economy b. decrease the quantity of money supplied in the economy c. have no effect on the quantity of money supplied in the economy d. increase the quantity supplied of money at an increasing rate
Marginal cost:
a) is always less than price. b) is the minimum price a producer to cause him to offer one more unit of a good for sale. c) decreases as more is produced. d) may be negative. e) is greater than price
For a given seller, the figure below shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. If the market price of this good is $6, how many units would this seller produce? 
A. 250 B. 50 C. 150 D. 300