The logical foundation of ________________, which show a connection between prices and quantity wanted, is that people seek utility.
a. demand curves
b. budget constraint lines
c. labor supply curve
d. utility curves
a. demand curves
The logical foundation of demand curves, which show a connection between prices and quantity demanded, is that people seek utility.
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Everything else equal, if the dollar appreciates against the Chinese yuan:
A) China will stop trading with the U.S. B) China will export more to the U.S. and will import less from the U.S. C) the Chinese government will sell yuan in the foreign exchange market. D) China will import more from the U.S. and will export less to the U.S.
Suppose a perfectly competitive market is in long-run equilibrium and then there is a permanent increase in the demand for that product. The new long-run equilibrium will have
A) fewer firms in the market. B) more firms in the market. C) the same number of firms in the market. D) probably a different number of firms, but it is not possible to determine if there will be more or fewer firms. E) a permanent decrease in supply.
Use the labor demand data on the left and the labor supply data on the right in answering the next question.Labor Demand DataLabor Supply DataEmploymentMarginal RevenueProduct PriceEmploymentWage Rate00$30$1111431112123211393311473411543511623611The firm will maximize profits (or minimize losses) by employing
A. 5 workers. B. 4 workers. C. 3 workers. D. 2 workers.
Refer to the table shown. Marginal cost is minimized when how many units of output are produced?Units of outputTotal cost05111216320423525626
A. 3 B. 4 C. 5 D. 6