Answer the next question on the basis of the following data. OutputTotal Cost0$24133241348454561669If the marginal cost of the seventh unit of output is $9, then the total cost of producing seven units is
A. $78.
B. $84.
C. $80.
D. unknown.
Answer: A
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In the 1990s, many people had rising incomes. At the same time, there was a rise in cost of wood. Holding other factors constant, the demand for houses_________ and the supply for houses_________
a. Increase, increase b. Increase, decrease c. Decrease, increase d. Decrease, decrease
Which of the following statements about demand is true?
a. Since most college students want a Mercedes sports coupe, their demand for it is high. b. If price increases, the demand curve shifts to the right. c. The demand curve for bacon will not shift when the price of bacon changes. d. If a supply curve shifts, thereby changing the price, the demand curve will shift as well. e. If a demand curve shifts, the supply curve will shift as well, whether or not the price changes.
Which of the following statements about gold jewelry and round-trip bus tickets to Bismarck, North Dakota, is most likely to be correct?
a. They are both inferior goods. b. Their demand curves probably are quite similar. c. They are complements. d. They are substitutes. e. They are unrelated.
Which of the following statements is TRUE about scarcity?
A. Scarcity exists only when supply is insufficient to meet demand. B. Both rich and poor people face the problem of scarcity. C. Scarcity exists only when a shortage exists. D. Scarcity can be eliminated when people earn sufficient incomes.