Suppose two variables are directly related. If one variable rises, then the other variable:
a. also rises. b. falls.
c. remains unchanged. d. reacts unpredictably.
a
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If bundles of goods A and B lie on the same indifference curve, one can assume the individual:
a. prefers bundle A to bundle B. b. prefers bundle B to bundle A. c. enjoys bundle A and B equally. d. bundle A contains the same goods as bundle B.
If the marginal utilities of the first 4 candy bars consumed are 10, 12, 9, and 7, respectively, the total utility derived from consuming 3 candy bars is
a. 3 b. 9 c. 25 d. 31 e. Total utility cannot be derived from marginal utility. On the other hand, marginal utility can be derived from total utility.
Aid to families with dependent children was
A. a close-to-perfect welfare or public assistance program. B. criticized because it provided little incentive for recipients to get jobs. C. contributing to efficient production of goods. D. superior to a negative income tax for work incentives.
Suppose a firm has the following total cost function: TC = 50 + 2q2. What is the minimum price necessary for the firm to earn profit?
A) p = $20 B) p = $30 C) p = $35 D) p = $40