In the figure above, Gap maximizes its profit if it sells ________ jackets per day
A) 100
B) 64
C) 129
D) 133
A
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Assume that Virgil purchases a combination of products Y and Z such that, after he is done spending his entire budget, MUy / Py = 25 and MUz / Pz = 25. Based on the equal marginal principle, Virgil
A. should have purchased more Y and more Z. B. should have purchased less Y and more Z. C. is maximizing his total utility. D. should have purchased more Y and less Z.
An increase in congestion costs associated with a public good provided through clubs will _____
a. lead to new clubs being formed b. lead to a reduction in the optimal size of the club c. be unrelated to congestion costs d. lead to fewer clubs being formed
For a competitive firm experiencing diminishing marginal productivity, the value of the marginal product (i) increases when the price of output decreases. (ii) changes when marginal product changes. (iii) diminishes as the number of workers rises
a. (i) and (ii) b. (i) and (iii) c. (ii) and (iii) d. All of the above are correct.
If the U.S. dollar appreciates in value relative to foreign currencies, then this will:
A. decrease aggregate supply. B. increase aggregate supply. C. cause a movement along the aggregate demand curve. D. increase aggregate demand.