An example of a final good would be
A) the soy milk sold to Starbucks.
B) the whipped cream sold to Starbucks.
C) a soy latte sold by Starbucks to a student.
D) the coffee beans sold to Starbucks.
Answer: C
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If Mark's marginal utility per dollar spent on the last taco is 15 and his marginal utility per dollar spent on the last burrito is 20 units, what should Mark do to increase his total utility?
What will be an ideal response?
All of the following, except one, are characteristics of monopolistic competition. Which is the exception?
a. There is a large number of sellers. b. Each seller faces a horizontal demand curve for its product. c. There are no significant barriers to entry or exit. d. Sellers produce differentiated products. e. There is a large number of buyers.
Answer the following statement true (T) or false (F)
1) In a purely competitive industry competition centers more on advertising and sales promotion than on price. 2) Price and marginal revenue are identical for an individual purely competitive seller. 3) The demand curve for a purely competitive industry is perfectly elastic, but the demand curves faced by individual firms in such an industry are downsloping. 4) Marginal revenue is the addition to total revenue resulting from the sale of one more unit of output.
There are a number of reasons why labor supply curves will shift in a particular industry. Which one of the following is NOT one of them?
A) Changes in working conditions in an industry affect the labor supply curve. B) job flexibility that determines the position of the labor supply curve C) There is a change in the market wage rate. D) Taxes on labor affect the labor supply curve.