The demand curve facing a firm is also the firm’s
A. total utility curve.
B. average revenue curve.
C. average utility curve.
D. total revenue curve.
Answer: B
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The making and selling of a pencil for ten cents would likely NOT be possible, but for
A) relative advantage. B) the production possibilities curve. C) absolute advantage. D) the division of labor.
Hannah and Chris each like jewelry and music by the Rolling Stones. If we were to graph an indifference curve with jewelry on the horizontal axis and CDs by the Rolling Stones on the vertical axis, then
a. Hannah and Chris would have identical indifference curves. b. Hannah's indifference curve would be higher than Chris's indifference curve. c. Chris's indifference curve would be higher than Hannah's indifference curve. d. Because we do not know the intensity of each woman's preferences, we do not have enough information to compare their indifference curves.
The questions below are based on the table below. Fill in the blank spaces first. 
The Supply of Labor is W = 10 + 3QLHow many laborers will be hired and what will the wage be if both product and labor markets are perfect and the going wage is $18 per worker?
What will be an ideal response?
Pricing insurance policies is made difficult because buyers have more information than sellers. This difficulty is an example of
A) moral hazard. B) adverse selection. C) asymmetric information. D) the free-rider problem.