The consequences of an economic change that are not immediately identifiable but are felt only with the passage of time are known in economics as
a. opportunity costs.
b. utility curves.
c. secondary effects.
d. comparative advantages.
C
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Lana spent $5 to see a movie. We know
A. the movie was worth 500 utils. B. Lana’s total utility from movies was $5. C. the movie was worth at least $5 worth of other goods. D. the movie increased marginal utility.
An example of a good that is nonrival and nonexclusive is:
a. television signals. b. haircuts. c. pizza. d. national defense.
Roads, telephone lines, power facilities, and schools are examples of a nation's
A. technostructure. B. infrastructure. C. physiostructur D. sociostructure.
Stereo Sound Unlimited has a monopoly over the installation of surround sound systems. If Stereo Sound Unlimited's total revenue from installing 10 sound systems is $20,000 and its total revenue from installing 11 sound systems is $18,000, what is the marginal revenue of the eleventh sound system?
A. -$2,000 B. -$1,000 C. $2,000 D. $3,800