Managerial economics refers to the application of microeconomics to business decision making
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TRUE
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Fill in the blank: Rebecca goes to the hairdresser more often now that her salary has increased. For Rebecca, the hairdresser's service is probably ________
A) a normal good B) an inferior good C) a free good D) a bad
The information in the table above gives the 2012 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2013 prices. What is the value of the CPI for the reference base period, 2012?
A) 140 B) 133 C) 100 D) 75
Paul's monthly income decreased from $2,500 to $2,300. As a result, he decreased the number of DVDs he rents per month from 5 to 4. Paul's demand for DVD rentals is
A) price elastic. B) price inelastic. C) income elastic. D) income inelastic.
One way for the federal government to maintain milk price supports (price floor) is to purchase the surplus milk, that results when the support price is higher than the market equilibrium price. Thus consumers pay both an artificially high price for milk, and as taxpayers, they also pay for the surplus milk
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