Ramon buys a guitar string for his guitar, which he plays during his leisure time. This is an example of ______.
a. investment
b. consumption
c. depreciation
d. inventory
b. consumption
You might also like to view...
A single-price monopoly will set its price according to which of the following rules?
A) P = MR and MR = MC B) P = MC where the MC curve crosses the demand curve C) P = MR where the MR curve crosses the demand curve D) None of the above answers is correct.
Which of the following is NOT a wage or employment strategy that a union would follow?
A) Set a maximum wage rate such that a shortage of workers will result. B) Set a wage rate such that all workers that want to find a job can find a job. C) Set a wage rate that will maximize the income of its members. D) Set a wage rate that will maximize the income of only some of its members.
Suzy spends all of her income on potato chips and textbooks. To maximize her total utility, she should
a. allocate her income so that the marginal utilities of potato chips and textbooks are equal b. allocate her income so that the marginal utilities per dollar spent on potato chips and textbooks are equal c. change her eating habits d. choose a consumption point that is inside her budget constraint e. allocate her income so that the total utilities of potato chips and textbooks are equal
Carlos can buy either sushi or eggrolls. If the prices of sushi and eggrolls triple and so does Carlos's money income, we can deduce that Carlos's budget constraint will
A. swivel in so that the slope of the budget constraint is tripled. B. shift out but remain parallel to the old one. C. shift in but remain parallel to the old one. D. remain unchanged.