Refer to the information provided in Table 6.1 below to answer the question(s) that follow.
Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The marginal utility of the third hamburger per day is
A. 5.
B. 15.
C. 22.
D. 67.
Answer: B
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A monopolistically competitive firm has excess capacity because in the
A) short run its MR exceeds its MC. B) short run its ATC is less than its AVC. C) long run its ATC exceeds its minimum ATC. D) long run it makes an economic profit.
If we take the production function and hold the level of output constant, allowing the amounts of capital and labor to vary, the curve that is traced out is called:
A) the total product. B) an isoquant. C) the average product. D) the marginal product. E) none of the above
Indexing reduces the ability for relative price changes to allocate resources where they are more valuable
a. True b. False Indicate whether the statement is true or false
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers increased from $9 to $13:
A. Lace Hardware Hardware's producer surplus would increase by $3. B. House Depot's producer surplus would increase by $4. C. Bob's Hardware's producer surplus would remain unchanged. D. All of these statements are true.