Refer to Scenario 9.1. This scenario is an example of a ________ game
A) pure coordination
B) chicken
C) prisoner's dilemma
D) battle of the sexes
C
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Any change that increases the quantity of labor supplied at all wage rates will ________, assuming all else equal
A) shift the labor supply curve to the left B) cause an upward movement along the labor supply curve C) shift the labor supply curve to the right D) cause a downward movement along the labor supply curve
Which of the following is NOT a key principle of economics?
A) Optimization B) Equilibrium C) Empiricism D) Substitution
In perfect competition, the price of the product is determined where the market
A) elasticity of supply equals the market elasticity of demand. B) supply curve and market demand curve intersect. C) average variable cost equals the market average total cost. D) fixed cost is zero.
Julie's total utility from cheeseburgers is given in the table above. What is the marginal utility of the third cheeseburger?
A) 86 B) 28.7 C) 20 D) 14