Refer to the graph shown. If buyers must pay $5, quantity demanded will equal:
A. 100.
B. 50.
C. 2.5.
D. 75.
Answer: D
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The impact of a decrease in the wage rate on labor supply will be represented by ________, assuming all else equal
A) a rightward shift of the labor supply curve B) an upward movement along the labor supply curve C) a leftward shift of the labor supply curve D) a downward movement along the labor supply curve
Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. individual choices and group behavior in individual markets. B. production in specific markets. C. prices in specific markets. D. the performance of national economies and ways to improve that performance.
When some people do not act rationally, others can profit from that irrationality.
Answer the following statement true (T) or false (F)
A utility function is:
A. an equation for calculating the total utility that a group of people derive from consuming a particular good. B. an equation for calculating the total utility that a particular person derives from consuming a particular combination of goods and services. C. an equation for calculating the total utility that a particular person derives from consuming a particular good over a particular time period. D. an equation for calculating the most utility a particular person can derive.