Ceteris paribus, the wages of clerks would increase if there was a decrease in:
a. the period of training required for clerk jobs
b. non-monetary "fringe" benefits received by clerks.
c. the marginal revenue product of clerks.
d. the cost of medical insurance benefits paid to clerks.
b
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If a 1 percent decrease in the price of a pound of squash results in a larger percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
Mathematically, price elasticity of demand is the percentage change in the:
A. quantity demanded of a good in response to a given percentage change in the price of the good. B. price of a good that is demanded in response to a given percentage change in quantity. C. quantity of a good that is supplied in response to a given percentage change in price. D. price of a good that is supplied in response to a given percentage change in quantity.
Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. What was the total revenue for this company?
A. $3,150,000 B. $375,000 C. $3,525,000 D. $2,850,000
Suppose Enid could increase her total utility by purchasing one more book and one less video rental. Which of the following is true?
a. The marginal utility of video rentals exceeds the marginal utility of books. b. The marginal utility of books exceeds the marginal utility of video rentals. c. The marginal utility of video rentals is negative. d. The marginal utility per dollar spent on books exceeds that of video rentals. e. Total utility is at a maximum.