Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20
B. more than 20
C. fewer than 20
D. exactly 90
Answer: A
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The money cost of a particular good will approximate its opportunity cost if
A. there are serious distortions in the market. B. the market functions well. C. there is much specialization in the market. D. nations are exploiting the law of comparative advantage.
The price of a bagel with cream cheese equals $2 and the price of a donut equals 50 cents. The marginal utility to Jade of the last bagel consumed equals 16 utils. If Jade maximizes her satisfaction by consuming both bagels and donuts, we would expect the marginal utility of the last donut consumed to equal: a. 20 utils. b. 12 utils. c. 8 utils
d. 4 utils.
Use the figure below to answer the following question.The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3?
A. a new bacteria that destroys apple crops B. a decrease in the price of apples C. an increase in the number of acres of farmland allocated to apple trees D. a new genetically modified apple seed that is resistant to drought
Refer to the information provided in Figure 13.3 below to answer the question(s) that follow. Figure 13.3Refer to Figure 13.3. This firm's marginal revenue will be positive at
A. all prices. B. $14. C. $6. D. prices between $8 and $12.