How does marriage fall within the scope of microeconomics?
What will be an ideal response?
Marriage involves choice and the allocation of scarce resources (namely, spouses with desirable characteristics). Marrying an individual involves a number of trade-offs, including giving up the opportunity to marry a different individual at the same time, and is therefore subject to a cost-benefit analysis.
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The long-term pattern of American foreign trade policy from 1789 to 1914 was
(a) protectionist at first, becoming more liberal before 1861, then more protectionist again. (b) liberal at first, becoming more protectionist before 1861, then shifting to greater liberalism as the country's industrialization spread in the later 19th century. (c) free trade after the Civil War, but very protectionist in general before 1861. (d) none of the above.
When demand is perfectly elastic, marginal revenue is
A) zero. B) equal to price. C) declining. D) increasing.
A firm in a perfectly competitive market faces a demand curve that is
a. perfectly elastic. b. relatively elastic. c. perfectly inelastic. d. relatively inelastic.
"I like ice cream, but after eating homemade ice cream last night, I want to have something else for dessert today." This statement most clearly reflects
a. the budget constraint. b. consumer irrationality. c. the second law of demand: price elasticity increases with time. d. the law of diminishing marginal utility.