If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
FALSE
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The demand for Canadian cheese by a U.S. store is also a
A) demand for Canadian dollars. B) demand for SDRs. C) supply of U.S. dollars. D) supply of Canadian dollars.
Suppose a firm notices that the price it faces has doubled, but it does not change its level of output. It must be the case that
a. profits have doubled b. the marginal cost curve is falling c. total revenue has decreased d. the original price was less than half of the minimum of the AVC curve e. this situation would not really occur
The price elasticity of supply measures how responsive
a. equilibrium price is to equilibrium quantity. b. sellers are to a change in buyers' income. c. sellers are to a change in price. d. consumers are to the number of substitutes.
Evidence of differences in average wages of women compared to men
a. clearly illustrates differences in productivity between genders. b. provides conclusive evidence of discrimination on the basis of gender. c. is seldom used to provide evidence of discriminatory bias. d. does not provide conclusive evidence of discrimination.